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2008 heard the most business rumors
Vietnam’s economy had never before heard so many business rumors as it had in 2008. Dr Nguyen Minh Phong, Head of the Economic Analysis Division under the Hanoi Socio-economic development Research Institute, said that it is the outstanding feature of 2008 that Vietnamese people have to live together with rumors.
1. Rumor about automobile tax increasing by a twofold
In early March 2008, Hanoi witnessed people rushing to car showrooms to purchase cars based on the rumor that the ownership registration tax may double and the import tax may increase to 100%. Even those who did not have a real demand for a car at that time spent money to 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.
2. 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 thermopower plant’s shares.
On March 12, 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
3. 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, which was previously sold at VND 8-10,000/kg, unexpectedly soared to VND 25-30,000/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% over April.
4. A petrol liter priced at VND 26,000
On August 5, 2008, there was a rumor in HCM City that the fuel price would skyrocket to VND 26,000/litre. Prior to that, the petrol price was raised sharply from VND 14,000/litre to VND 19,000/litre. HCM City local residents 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.
5. 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% 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, internal 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.
6. Rumor about Truong Gia Binh leaving FPT
On December 8, news 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.
VNEconomy
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