Vietnam’s economy has never heard so many business rumors it had this year, the newswire Vietnamnet said, quoted Nguyen Minh Phong, head of the Hanoi Socioeconomic Development Institute’s Economic Analysis Division.
Phong named top ten rumors Vietnamese people have lived together as follows:
Firstly, Rumor about automobile tax increasing by a twofold widely run in early March 2008, and consumers in Hanoi rushed buy cars for fear that the higher tax would make the car prices increase. Car dealers were happy because of the high sales.
In fact, the ownership registration tax only increased six months after the rumor was spread. The amended VAT law will become effective as of January 1, 2009, while the luxury tax will become effective in April 2009.
Secondly, Rumor about the arrest of a securities company’s head
While Chairman and General Director of the Saigon Securities Incorporated, Nguyen Duy Hung, was still chairing his company’s meeting, securities investors heard that Hung was arrested because of violations to current securities laws.
Investors whispered in each other’s ears that Hung spontaneously raised the capital of SSI and made fraudulences in the auction of Pha Lai thermo-power plant’s shares.
Immediately, SSI released a document, denying the rumor about the arrest of Hung, confirming that he was still in Hanoi attending important meetings.
Just a week after the rumor about Hung’s arrest was spread; there was a rumor about the arrest of Chairwoman of VNDirect Securities Company, Pham Minh Huong. However, Huong immediately contacted the press to deny the rumor
Thirdly, the historic rice fever came from a rumor
At the end of April, when the world was facing a serious rice shortage, Saigonese became panicked as the rumor about the rice shortage was spread. Fearing that there would be no rice supply, people rushed to buy rice to store, despite the fact that the rice price skyrocketed by three times. A kilogram of rice rocketed to VND 25,000-VND30,000/kg from VND 8,000-VND10,000/kg.
Though the price fever lasted only two days, April 26 and 27, the rumor about the rice shortage caused serious damages. The CPI of HCM City in May rose to the highest peak in the last five years, 4.24 per cent over April.
Fourthly, A petrol liter priced at VND 26,000
In early August a rumor spread in HCM City that the fuel price would skyrocket to VND 26,000/liter. Prior to that, the petrol price was raised sharply to VND19,000 from VND 14,000/litre. Locals in HCM City rushed to filling stations to buy petrol to store up. In order to calm the public, the Ministry of Industry and Trade, on the same day, had to release an urgent document, denying the petrol price increase.
Fifthly, Rumor about foreign partner’s capital withdrawal from Sacombank
In early November, the stock market heard that ANZ, the strategic partner in Sacombank decided to withdraw capital from the bank to gather strength on ANZ 100 per cent banking entity, which was just licensed to operate in Vietnam.
On November 11, Sacombank released an official document, affirming that it had not received any proposal about capital withdrawal from ANZ.
Under the current regulations, when selling stocks, shareholders and major shareholders have to register sales to the HCM City Stock Exchange. To date, the stock exchange has not received any application from ANZ.
Last but not least, Rumor about Truong Gia Binh leaving FPT
On December 8, speculation widely spread that Truong Gia Binh would leave FPT as Chairman and CEO was spread on the market.
In fact, the news came from a FPT notice that Binh would not hold the post of Chairman of FPT Soft, a member company of FPT. Binh’s post as the chairman of FPT Soft has been replaced by Nguyen Thanh Nam, who is also the director of FPT Soft
The rumor about Binh’s resignation led to the falls of FPT prices on the stock market. (Vietnamnet)
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