Vietnamese authorities have issued an arrest warrant for one of the country's wealthiest men over allegations he manipulated the stock market, officials said Tuesday.

Trinh Van Quyet, who owns the FLC empire encompassing luxury resorts, golf courses and the budget Bamboo Airways, is one of the richest people in the communist nation.

An arrest warrant for the 46-year-old was issued late Tuesday over allegations he was "manipulating the stock market and hiding information in stocks activities on January 10, resulting in serious losses for investors and badly influencing the activities of the Vietnam stock market", the ministry of public security said.

Officers have begun combing 21 locations for evidence including his home and office, the ministry's statement added, without giving further details.

Quyet set up Bamboo Airways in 2018, betting billions on Southeast Asia's already crowded aviation sector.

Trinh Van Quyet is one of the richest people in Vietnam
Trinh Van Quyet is one of the richest people in Vietnam AFP / Nhac NGUYEN

Despite doubts over whether the airline could succeed, he told AFP in 2018 that his company would be "huge", promising large profits.

It dramatically expanded after launching its first flights in early 2019 and was aiming to fly to around 40 international destinations earlier this year.

The airline accounts for nearly 20 percent of Vietnam's aviation market, only out-ranked by national carrier Vietnam Airlines and low-cost Vietjet.

FLC's public relations department could not be reached for comment.