return icon

Three small investors to blame for costly stock market rumour

The Ministry of Public Securities has found the three individual believed to have started rumour that the chairman of the Bank for Investment and Development of Viet Nam was arrested in February, causing chaos in the stock market.

VietNamNet Bridge – The Ministry of Public Securities has found the three individual believed to have started rumour that the chairman of the Bank for Investment and Development of Viet Nam (BIDV) was arrested in February, causing chaos in the stock market.



The three suspects are aged between 28-37 years and are currently working in Ha Noi and HCM City. They allegedly spread the rumour through online forums.

The ministry's investigation has concluded that the men did not intend to destroy the financial markets, but were targeting individual gain as they were small investors in stocks.

However, their crime adversely affected the financial and currency markets. The VN-Index dropped 18 points, or 3.36 per cent, while the HNX-Index lost 3.35 points, or 5.3 per cent, after the rumour spread.

A series of shares were sold off and stock market capitalisation evaporated VND29 trillion (US$1.36 billion) in just one trading session.

Shortly after the rumour was refuted by BIDV chairman Tran Bac Ha, the stock market recovered half of its lost ground the following day, February 22.

The ministry has not yet publicly revealed further details of the case.

In August last year, the stock market was thrown into chaos after bank tycoon Nguyen Duc Kien was found guilty. After only three sessions, indices lost 4-5 per cent, and market capitalisation lost $5.6 billion.

Asia Commercial Bank (ACB), the institution Kien co-founded was listed on the Ha Noi Stock Exchange. Meanwhile, BIDV finished its equitisation last year and is currently one of the country's four largest banks.

Source: VNS


FDI hoped to help realty market develop sustainably in long term

Vietnam’s real estate sector last year attracted an additional 1.85 billion USD in foreign direct investment (FDI), retaining its second place among industries drawing FDI with combined investment of 4.45 billion USD.

Party chief’s book on fight against corruption and negative phenomena released

A ceremony was held in Hanoi on February 2 to release the book by General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong.

Make in Vietnam drives ICT firms into international markets

Global expansion has become a trend in domestic ICT enterprises in recent years.

Schools launch digital-related majors to meet students’ needs

In 2023, many universities have launched new subjects associated with the digital era to meet students’ needs.

Southeast region prepares for new FDI wave

The southeast region is preparing conditions in infrastructure, administrative procedures and human resources to welcome a new wave of foreign direct investment (FDI), as investors have flocked to the region from the beginning of this year.


PM chairs monthly teleconference with localities

Experts call for stricter penalties as drink driving soars over Tet

The maximum punishment for car drivers with alcohol concentration levels exceeding 0.4mg per litre of breath, or 80mg in 100 ml of blood, is a fine of VND40 million (US$1,693) and a two-year suspension of their driving licences.

Over 32% of apparel firms remain closed in Hanoi

Nearly a third of textile and garment firms have yet to reopen in Hanoi although the Lunar New Year holiday has ended.

Domestic tourism hits five-year high

Domestic tourism numbers hit 13 million in January, the highest in the last five years, according to the Vietnam National Administration of Tourism.


Businesses exporting medicinal herbs to China required to register

Cashless payments on the rise: convenience and security for expats in Vietnam

As digital payment methods surge in popularity, expats in Vietnam are not alone in embracing the change to cashless transactions.

My Dinh Stadium needs money for more upgrading

Having been upgraded with a package worth VND408 billion, My Dinh Stadium is still in poor condition.

Vietnam needs more submarine cables to ensure internet services

Vietnam will need at least two or three more submarine cables to ensure proper internet services for the country's development in the next five years, according to Vu The Binh, Secretary-General of the Vietnam Internet Association.

Government convenes January meeting

The Government convened its first regular monthly meeting for 2023 in Ha Noi on Thursday under the chair of Prime Minister Pham Minh Chinh.

Scammers steal information, money on first days of Year of the Cat

The first days of the New Year are the time for scammers to increase their activities. The most common tricks are stealing information and money from victims’ accounts.