Spreaders of fake news rocking Vietnam stock market face strict punishment: regulator

By Minh Hue
Fri, October 27, 2023 | 2:44 pm GMT+7

Anyone who spreads false information that negatively affects investor sentiment in the Vietnamese stock market will be strictly punished, the State Securities Commission (SSC), the country's market watchdog, has warned.

The warning was issued after Vietnam's benchmark VN-Index on Thursday experienced its sharpest fall since August 18.

The  VN-Index suffers the sharpest fall in two months, October 26, 2023. Photo by The Investor/Trong Hieu.

The VN-Index suffers the sharpest fall in two months, October 26, 2023. Photo by The Investor/Trong Hieu.

The index, representing the Ho Chi Minh Stock Exchange (HoSE), lost 46.21 points, or 4.19%, to close at 1,055.45. As many as 505 stocks on the bourse, or 90% of the total, fell, with 114 hitting their floor prices. Trading value on the major bourse skyrocketed to over VND23.2 trillion ($942.9 million), twice the previous session’s figure and the highest in the past month.

The stock market had been maintaining stable operations of late, demonstrated by improved liquidity as well as continuously increasing number of new investor accounts, an SSC representative told the local press, advising investors to take a comprehensive view and assessment of the macro economy, access official information and be careful with rumors.

The SSC representative noted that market developments are influenced by many domestic and world macro factors such as inflation, tight monetary policy in many countries, and exchange rate pressures. Many large economies, including important trading partners of Vietnam, have slowed down, affecting import and export activities.

However, Vietnam's government and localities have made great efforts to remove difficulties for businesses and people, promote economic growth, improve the investment environment and lower interest rates to aid production and business activities, the representative stressed.

The domestic stock market, therefore, is still expected to maintain positive liquidity, as well as be an attractive investment channel for domestic and foreign investors, he said.

The stock market’s liquidity had improved significantly in the second and third quarters of 2023 at an average of VND21.2 trillion ($862.75 million) per session in July, VND25.7 trillion VND ($1.05 billion) in August and VND25.3 trillion ($1.03 billion) in September.

The number of investor accounts has been increasing continuously, showing the attractiveness of the market. In the first nine months, investors opened 926,200 new accounts, bringing the total number to more than 7.8 million at the end of September, an increase of 13.4% compared to the end of 2022.

Explaining Thursday’s VN-Index plunge, leading fund manager Dragon Capital said that the strong selling pressure came from information that Vietnam’s largest private conglomerate Vingoup was selling international bonds worth $250 million which investors could exchange for Vinhomes shares owned by Vingroup. This sent all three tickers of the Vingroup ecosystem – VIC of Vingroup, VHM of Vinhomes and VRE of Vincom Retail – plunging to their floor prices.

Another piece of information leading to the massive selloffs was a bond default event: Country Garden, the biggest real estate developer in China, had announced its failure to pay interest on a batch of international bonds as the grace period ended October 17.

Comments (0)
  • Read More
Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam

Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam

Vietnam’s leading tech group FPT on Thursday inaugurated its high-tech and semiconductor R&D center at the Danang Software Park No. 2 in the central city of Danang.

Industries - Fri, March 28, 2025 | 8:00 am GMT+7

HCMC's international financial center development to be phased out: city leader

HCMC's international financial center development to be phased out: city leader

Ho Chi Minh City aims to become an international financial center, with related development plan divided into three phases, said Vo Van Hoan, its Vice Chairman.

Economy - Thu, March 27, 2025 | 11:11 pm GMT+7

Car producers in Thailand postpone export models

Car producers in Thailand postpone export models

Car manufacturers in Thailand have decided to delay making some models for export due to U.S. President Donald Trump's new tariff policy.

Southeast Asia - Thu, March 27, 2025 | 10:17 pm GMT+7

Indonesia approves $7 bln budget for food security in 2025

Indonesia approves $7 bln budget for food security in 2025

Indonesia’s Ministry of Finance on Wednesday announced that the government has approved a budget of IRD118 trillion ($7.1 billion) for food security programs in 2025.

Southeast Asia - Thu, March 27, 2025 | 10:14 pm GMT+7

Honda Vietnam rolls out first domestically produced electric scooter

Honda Vietnam rolls out first domestically produced electric scooter

Honda Vietnam has officially launched its first domestically produced electric scooter, the ICON e:, marking a significant step in the company’s electrification and sustainable mobility strategy in Vietnam.

Southeast Asia - Thu, March 27, 2025 | 10:09 pm GMT+7

Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030

Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030

The seaport system in the central Vietnam province of Quang Ngai will need about VND10.83 trillion ($423.54 million) in investment by 2030, according to the detailed 2021-2030 development plan for local seaport land and water areas, with a vision to 2050.

Southeast Asia - Thu, March 27, 2025 | 10:06 pm GMT+7

Leading steelmaker Hoa Phat targets record revenue on partial operation of central Vietnam plant

Leading steelmaker Hoa Phat targets record revenue on partial operation of central Vietnam plant

Hoa Phat Group, Vietnam’s top steelmaker, targets a record-high revenue in 2025, driven by the expected partial operation of a steel and iron complex in the central region this year.

Companies - Thu, March 27, 2025 | 8:10 pm GMT+7

Offshore wind power developer CIP seeks long-term cooperation with Vietnam

Offshore wind power developer CIP seeks long-term cooperation with Vietnam

Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, is seeking to reach long-term cooperation with Vietnamese businesses in the offshore wind power sector.

Energy - Thu, March 27, 2025 | 4:16 pm GMT+7

Vietnam giant VinFast moves to expand EV service in Philippines

Vietnam giant VinFast moves to expand EV service in Philippines

VinFast, Vietnam’s largest electric vehicle (EV) manufacturer, has partnered with MGA.414 Corporation, the operator of the JIGA automotive service chain, to expand its EV service network in the Philippines.

Southeast Asia - Thu, March 27, 2025 | 3:48 pm GMT+7

Vietnam's MobiFone officially launches 5G services

Vietnam's MobiFone officially launches 5G services

MobiFone, one of Vietnam’s leading telecommunications providers, has officially commercialized its 5G services, becoming the third network operator in the country to do so.

Southeast Asia - Thu, March 27, 2025 | 3:45 pm GMT+7

Thanh Cong Group inaugurates first automobile manufacturing plant in Vietnam's Quang Ninh province

Thanh Cong Group inaugurates first automobile manufacturing plant in Vietnam's Quang Ninh province

Vietnamese automaker Thanh Cong Group officially inaugurated its Thanh Cong Viet Hung automobile manufacturing plant on Wednesday at the Viet Hung Industrial Park in the northern province of Quang Ninh.

Southeast Asia - Thu, March 27, 2025 | 3:32 pm GMT+7

Vietnam willing to open doors to US agricultural products: minister

Vietnam willing to open doors to US agricultural products: minister

Vietnam is actively preparing to open its market to U.S. agricultural products such as tangerine, plum, and lemon, Vietnamese Minister of Agriculture and Environment Do Duc Duy said on Wednesday.

Economy - Thu, March 27, 2025 | 3:08 pm GMT+7

S Korea chaebol Lotte eyes hypermarket in northern Vietnam

S Korea chaebol Lotte eyes hypermarket in northern Vietnam

South Korean conglomerate Lotte is eyeing projects in Thai Nguyen province, an industrial hub in northern Vietnam, firstly a hypermarket.

Industries - Thu, March 27, 2025 | 12:15 pm GMT+7

Dubai-based PDSI eyes $2.6 bln investment in tourism-golf course project in central Vietnam

Dubai-based PDSI eyes $2.6 bln investment in tourism-golf course project in central Vietnam

PDSI Group, a Dubai-based real estate and consulting firm, has expressed interest in developing a $2.6 billion commercial, tourism, and golf course complex in Binh Thuan, a south-central coastal province of Vietnam.

Real Estate - Thu, March 27, 2025 | 11:38 am GMT+7

S Korea's SK set to divest from Vietnam's giant Vingroup

S Korea's SK set to divest from Vietnam's giant Vingroup

South Korean chaebol SK Group is set to divest from Vietnamese conglomerate Vingroup, according to the former’s annual report 2024.

Companies - Thu, March 27, 2025 | 11:30 am GMT+7

StanChart adjusts USD/VND exchange rate forecast amid changing economic trends

StanChart adjusts USD/VND exchange rate forecast amid changing economic trends

Standard Chartered Bank has adjusted its USD/VND exchange rate forecast, reflecting shifts in global and regional economic conditions.

Economy - Thu, March 27, 2025 | 9:29 am GMT+7