越南股市闪崩，发生了什么？

Core Viewpoint - The Vietnamese stock market experienced a sudden crash on October 20, with a decline of over 5%, marking the largest drop in six months [1]. Group 1: Market Reaction - The crash was triggered by the announcement from the Government Inspectorate of Vietnam regarding inspections of 67 bond issuers, including five banks, revealing multiple violations [3]. - Violations included improper use of raised funds, insufficient information disclosure, poor capital management, delayed principal and interest payments, and premature project sales [3]. - Following the inspection results, investor sentiment worsened, exacerbated by NovaLand Investment Group's announcement of its inability to fulfill payment obligations on convertible bonds [3]. Group 2: Investor Behavior - Analysts noted that the strong rebound in the market over the past few months led retail investors to increase leverage, making the market susceptible to forced selling upon negative news [4]. - The combination of negative news and heightened leverage among retail investors contributed to widespread declines across various sectors, spreading panic among market participants [4].