In the week before the holiday of the Reunification Day and International Labor Day, although many domestic investors sold off many groups of stocks, foreign investors were still net buyers, with a total volume of 19.6 million shares, equivalent to a net buying value of more than VND813 billion (US$35.45 million) in the whole market.
The selling pressure continued to prolong in the trading session on April 18, with more than 820 stocks on all three exchanges plummeting to investors' surprise.
After Trinh Van Quyet, Chairman of the Board of Directors of FLC Group, was arrested and detained, many experts said that although stocks in the "ecosystem" of FLC attracted many investors, because of its rather small scale, it cannot affect the stock market in particular, as well as the economy in general.
The Investigation Police Agency under the Ministry of Public Security (C01) has recently prosecuted Trinh Van Quyet, Chairman of the Board of Directors of FLC Group, to investigate the act of stock market manipulation.
After the Ministry of Public Security issued a decision to prosecute Mr. Trinh Van Quyet, Chairman of the Board of Directors (BOD) of FLC Group on March 29, to limit any risks that may arise and ensure the regular operation of the group, Mr. Trinh Van Quyet authorized Ms. Vu Dang Hai Yen, Deputy General Director of FLC Group, to replace his position in the group.
The Investigation Police Agency of the Ministry of Public Security (C01), on March 29, issued a decision to investigate the criminal case, decisions to prosecute the accused, and an arrest warrant for Trinh Van Quyet, Chairman of FLC Group. At the same time, police have searched the residences and workplaces of related subjects at 21 places.
According to the Vietnam Securities Depository (VSD), domestic investors opened more than 405,000 securities accounts in the first two months of 2022, higher than the total number of newly-opened accounts in the whole year of 2020 (393,659 accounts).
Shareholders of stock code of Hoang Anh Gia Lai (HAG) reacted strongly to the decision to delist on HoSE and switch to UPCoM. This shows that investors still have a sentimental value in stocks that they hold.
A leader of the State Securities Commission of Vietnam (SSC), on January 12, said that directing the Ho Chi Minh City Stock Exchange (HoSE) to cancel the sale of 74.8 million FLC shares by Mr. Trinh Van Quyet, Chairman of the Board of Directors of FLC, for not reporting and disclosing information before performing the transaction was an unprecedented measure on the Vietnamese stock market.
