Vietnam comes down hard on corporate corruption, wiping out $40bn in stocks

A series of high-profile corporate arrests has triggered a $40bn wipeout for Vietnamese stocks and rattled investors’ confidence at a delicate moment for the fast-growing economy.

After the benchmark index more than doubled in value from a trough in March 2020, the crackdown set off the market’s steepest one-day plunge since early days of the pandemic this week. It hit a nine-month low on Tuesday.Investors say that the crackdown has shaken at least short-term confidence in Vietnam’s outlook and risks scaring away capital just as pressure is also coming from fast-rising US rates and global nervousness about the Ukraine war and other geopolitical tensions.

Markets stabilised on Wednesday on hopes that the fallout had been contained, but they have yet to bounce back convincingly. One test looms with the initial public offering of vehicle maker VinFast, planned for later in 2022. Nevertheless, the arrests have caught some off guard by striking at the heart of the country’s capital markets and a property sector that accounts for about a quarter of the index.

Besides Quyet, who is chair of property and leisure company FLC Group, police have arrested Do Anh Dung, chair of property firm Tan Hoang Minh Group, and Do Duc Nam, CEO of brokerage Tri Viet Securities .

Im willing to be an errand boy, a gardener or any form of odd job just to feed my children🙏🏾. They've been going to sleep on an empty stomach and that cripples me as a father. I humbly ask for any tinned food or grocer you don't need🙏

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vietnam comes down hard on corporate corruption, wiping out $40bn in stocksAccusations of fraud, market manipulation and embezzlement has slammed the brakes on what had been an amazing equity market rally
Source: BDliveSA - 🏆 12. / 63 Read more »

Vietnam comes down hard on corporate corruption, wiping out $40bn in stocksAccusations of fraud, market manipulation and embezzlement has slammed the brakes on what had been an amazing equity market rally
Source: BDliveSA - 🏆 12. / 63 Read more »

Business Maverick: China’s Sudden Currency Plunge Raises Risk of a 2015-Style PanicWhen China’s tightly managed currency depreciates dramatically against the dollar, it can be hard to stop. I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to _ambreymarcus1 , and I gave Bitcoin trading another try, I successfully withdrew R85,000 after two weeks of trading, am so grateful _ambreymarcus1 thank you.
Source: dailymaverick - 🏆 3. / 84 Read more »