Vietnam Index Plunges 4.5% as Big Conglomerate “Vingroup” Property Unit Faces Margin Call

Stocks in Vietnam fell sharply on Thursday amid selloff in the country’s largest conglomerate Vingroup and its real estate unit, which plunged the Vietnam Index by 4.52% to 1,051.84 points, the lowest level since May this year.

Share price of Vingroup fell 6.82% to VND41,600 per share in the afternoon session on Thursday, while Vinhomes dropped 6.90% to VND41,800 per share.

Local brokers stated that the fall came as foreign investors offloaded shares of the big conglomerate and its unit in what appears to be a margin call.