The Vietnamese government’s sudden move to clean up stock manipulation caused the crash in the Vietnamese stock market this April and May. Investors who had manipulated stocks of their own companies were arrested. In the sell-off, the VN-Index plummeted 20 percent. At the same time the peer stock markets Thailand, Malesia and Indonesia were flat. This crash resulted in Vietnam’s forward 2022 P/E dropping to 10.9 despite the fact that earnings growth for the year is solid +25 percent.
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