This paper analyzes factors affecting enterprise’s financial risk listed on the Vietnam stock market. The panel data of research sample includes 524 non-financial listed enterprises on the Vietnam stock market for a period of eleven years, from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, financial risk is measured by the Alexander Bathory model. Debt structure, Solvency, Profitability, Operational ability, Capital structure are independent variables in the study. Firm Size, firm age, growth rate are control variables. The model results show that in order to prevent and limit financial risk for enterprises listed on the Vietnam Stock Market, attention should be paid to variables reflecting Liability structure ratio, Quick Ratio, Return on Assets, Total asset turnover, Accounts receivable turnover, Net assets ratio and Fixed assets ratio. The empirical results show that there are differences in the impact of these factors on the financial risk in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to improve the efficiency of financial risk management in enterprises.

The construction industry in developing countries like Vietnam, which incorporates small and medium construction enterprises, is typically more prone to disputes and contract dispute-related lawsuits. A dispute may occur at any time in the life cycle of the project. It is sometimes solved with the intermediation of a lawyer or directly by stakeholders. Understanding the causes of disputes in a construction project not only improves the efficiency of a company but also increases the success of projects. This study was carried out using a questionnaire survey at construction projects in Ho Chi Minh City. Sample data with 117 observations were analyzed to find the disputing factors in construction projects: diversity of working style among the parties; reluctance to work; and poor teamwork. Correlation coefficient on a rank of factors between design consultant and contractor; Design consultant and project owners are positively correlated. The Exploratory Factor Analysis (EFA) analysis identified six groups of factors in construction disputes: cooperation, technology, economics, productivity, information, and behavior. The findings are useful for enterprise practice and provide participants with an overview of sources of dispute. Thus, a more complete risk management plan can be formulated, which will accelerate project progress and improve the likelihood of success.

Nowadays, many construction engineering and technology enterprises are evolving to find that prosperity is driven and inspired by an open economy with dynamic markets and fierce multifaceted competition. Besides brand and product uniqueness, the ability to quickly provide customers with quotes are matters of concern. Such a requirement for prompt cost estimation of construction investment projects with the use of a construction price index poses a significant challenge to contractors. This is because the nature of the construction industry is shaped by changes in domestic and foreign economic factors, socio-financial issues, and is under the influence of various micro and macro factors. This paper presents a fuzzy decision-making approach for calculating critical factors that affect the construction price index. A qualitative approach was implemented based on in-depth interviews of experts in the construction industry in Vietnam. A synthetic comparison matrix was calculated using Buckley approach. The CoA approach was applied to defuzzified the fuzzy weights of factors that affect the construction price index. The research results show that the top five critical factors affecting the construction price index in Vietnam are (1) consumer price index, (2) gross domestic product, (3) basic interest rate, (4) foreign exchange rate, and (5) total export and import.

In many countries, the Government enacts tax laws in order to manage tax collection and regulate the macro-economy. According to Noor, Jamaludin, Omar, and Aziz (2013), tax non-compliance is a growing concern because of its negative effects on the state budget. The main objectives of this article are to identify the factors affecting corporate income tax non-compliance of enterprises in Ho Chi Minh City in accordance with the current situation of Vietnamese tax administration. We use several research methods, including the exploitation of information and practical experiences from both taxpayers and tax authorities; with Probit regression model on a sample of 187 enterprises that have been inspected or examined by tax authorities in Vietnam during the period from 2013 to 2017.The article identified eight factors affecting corporate income tax (CIT) non-compliance: (1) working capital/total assets; (2) revenue/total assets; (3) total debt/total assets; (4) loss in the previous year; (5) receivables/revenue; (6) the size of enterprises; (7) tax administrative penalties/tax payable; and (8) business field. In particular, the tax non-compliance was studied as a violation of Vietnamese tax laws by enterprises declaring an insufficient amount of CIT payable to the State budget.

Taxes are levied in almost every country, primarily to raise revenue for government expenditures. This study explores factors influencing tax compliance of small- and medium-sized enterprises (SMEs) in Vietnam. Data from 376 SMEs, who are business taxpayers, were collected through a researcher–administered questionnaire survey method. The results indicate that six groups of factors have significant impacts on tax compliance among Vietnamese SMEs. These groups include: Business characteristics (BC), Characteristics of accounting practices within organization (AP), Awareness of tax obligations (TO), Tax policy (TP), View on tax compliance (TC), and Probability of tax examination on taxpayer compliance (TE). Multivariate analysis was adopted; Cronbach’s alpha coefficients were calculated, then, Exploratory Factor Analysis (EFA) was used. The findings show that, among these six factors, the most influential is Characteristics of accounting practices (AP). Thus, it is recommended that tax agencies should help SMEs improve their accounting skills and increase their knowledge by organizing training workshops and short courses on taxation. SMEs also need to have an adequate accounting system in accordance with principles and standards prescribed by the Tax Law. It is expected that this study can provide important insights and understandings to policy-makers, practitioners, academicians and other regulatory authorities in tax policy formulations.

The study examines direct and indirect impacts of organizational commitment on employee motivation through two mediating factors – opportunistic behavior and knowledge sharing – in Vietnamese enterprises. The samples were selected by the non-probability sampling method followed convenient sampling, relatively stratified by localities in Vietnam. The sample size was 636 employees in Vietnamese enterprises. The number of collected online questionnaires was 379, while the number of valid questionnaires was 329. In the direct survey, the number of distributed questionnaires was 750, while the number of collected questionnaires was 421 and the number of valid questionnaires was 307. The total number of valid questionnaires used for analysis was 636. The study used quantitative methods with structural equation modeling analysis. The results indicate that among the components of organizational commitment, normative commitment has both direct and indirect impacts on employee motivation through two mediating factors: opportunistic behavior and knowledge sharing. Meanwhile, affective commitment has only an indirect impact on employee motivation through these mediating factors. Continuance commitment has both direct and indirect impacts; however, it has only an indirect impact on employee motivation through opportunistic behavior. In addition, the results show opportunistic behavior has a negative impact on the knowledge sharing of employees in enterprises.

The research has been conducted to explore the combination of three intangible resources, including social capital, entrepreneurship, and resilience capability on the performance of State Capital Enterprises (SCEs) in Vietnam. Both qualitative and quantitative approaches are applied in the study. An in-depth interview of ten CEOs at SCEs in Vietnam was made to explore new indicators for the contextual latent variables in the research models. By employing the data from the authors’ survey of 568 SCEs in Vietnam in 2019, using Cronbach’s alpha, confirmatory factor analysis (CFA) and path analysis (SEM), the mechanism that social capital impacts on SCE performance has been analyzed. In addition to the direct role, social capital indirectly affects corporate performance through entrepreneurship and resilience capability. It was found that social capital has a larger impact on entrepreneurship than resilience capacity. However, the contribution of resilience capacity to the firm performance is much more than the entrepreneurship’s in Vietnamese context. This study enriches the theory by proposing a measurement scale of the contextual latent variables as a result of in-depth interviews with experts using a qualitative analysis technique. In addition, the path analysis findings suggest practical implications for managers to effectively use their resources in SCEs.

The paper investigates the determinants of foreign direct investment (FDI) in Vietnam in 2000-2019 period. This study uses difference Generalized Methods of Moments (GMM) and Pooled Mean Group (PMG) to analyse panel data officially provided by General Statistical Office of Vietnam. The results show that market size impacts positively significant on FDI attraction: 1% -1.45% (PMG) and 1% -1.25% (GMM). Besides, some other factors have positive influences as labor force, macroeconomic policy, macroeconomic stability and skilled labor. Meantime, the trade openness negatively affects FDI inflows in the short-term, while not being statistically significant in the long-term. Moreover, economic shocks often have a negative impact on FDI inflows. The findings of this study lead to the following recommendations. First, authorities should pay special attention to encourage economic growth rate in Vietnam to expand market size because this is the first priority of foreign investors. Second, authorities need to continue increasing the rate of skilled labor, especially highly qualified management force, engineers and well-skilled workers. Third, the authorities should adjust trade openness to boost the role of its determinant in attracting FDI inflows. Fourth, macroeconomic stability needs to be governed by international standards in order to secure the belief of foreign investors in the long-term.

This paper examines empirically the net impact of residual state ownership on privatized firm efficiency in the transitional context of Vietnam. Vietnamese privatization has its own characteristics. Instead of mass and full privatization, Vietnam has chosen a partial and gradual path. Thus, it is important to assess the net impact of residual state ownership on privatized firms during the post-privatization period. This study employs stochastic frontier analysis to investigate the association between residual state ownership and the efficiency of privatized firms, using a sample of all privatized firms that are listed on the Vietnamese stock exchanges over the period from 2007 to 2017. Also, two-stage least squares regression is incorporated into the model to deal with potential endogeneity issues. Our study provides evidence that state ownership should not be considered as a pure source of agency problems. Indeed, the net impact of residual state ownership on privatized firm efficiency is non-monotonic, and the relationship between residual state ownership and privatized firm efficiency is under an inverted U-shape. A moderate level (less than 50%) of residual state ownership might be beneficial to privatized firm efficiency whereas too much state ownership is detrimental to the efficiency of privatized firms.

Tax is the main revenue of Government, so fighting tax evasion and sustainable growth have been the primary macroeconomic goals being pursued by every developing country, Vietnam included. The existence and development of the shadow economic sector are synonymous with the national budget losing out. In Vietnam, foreign direct investment projects do not promote economic growth and is also a sector that gives way to tax evasion.The purpose of this study is to investigate the impact of foreign direct investment, the quality of the informal institution on the size of the shadow economy in Vietnam, during the period 1991-2015. By applying the Autoregressive Distributed Lag approach and Toda and Yamamoto test, we found evidence to conclude that the quality of the informal institution harms the size of the shadow economy. The results of the causality test show that there is a unidirectional causality running from the shadow economy and the quality of the informal institution to foreign direct investment attraction in Vietnam. Political solutions need to be implemented carefully to counter the harmful effects of the shadow economy. Policymakers should adopt several economic policies to improve the ‘human capital’ and drive the shadow economy into the formal economy.

The study aims to assess the impact of destination image, satisfaction and loyalty of tourists at mountain destinations in Thanh Hoa province, Vietnam. The study involves questionnaire surveys and multivariate data analysis methods (Cronbach Alpha test, EFA, CFA, SEM). Research results from 500 tourists in the mountain destinations of Thanh Hoa province demonstrate that all factors have imposed a positive impact on tourist satisfaction, specifically: The most influential factor is Natural features, followed by Human factors while the least influential factor is Infrastructure; On the other hand, research results also demonstrate that satisfaction has a substantial impact on tourist loyalty. Based on the research results, we also proposed some key solutions to enhance the destination image, thereby contributing to increased satisfaction and loyalty of tourists, including: (i) Promoting Natural Tourism Resources. (ii) Raising Awareness of Environmental Protection. (iii) Building Local Cultural Identity. (iv) Building Exclusive Tourist Products. (5) Strengthening the Support of Local Authorities for Tourism Activities. (vi) Developing a Price Policy.

The study aims to investigate the existence of overconfidence bias in Vietnam, Thailand, and Singapore. This paper focuses on the Vietnam Stock Market and other two countries of ASEAN, namely Singapore and Thailand. Data was collected over the period from January 1, 2014 to December 31, 2018, daily returns for each of the securities. This paper uses the time series method, namely ADF test, Granger Causality and VAR approach to find evidences of the overconfidence effect in Vietnam in relation to some ASEAN markets. The results show similarities between the observed countries with slight variations, with focus on Vietnam market. In general concrete evidences of overconfidence were found in both Vietnamese and Singaporean markets, in which Singaporean investors show higher degree of overconfidence than Vietnamese investors. Overconfidence is not as clear in Thai market, however a direct causal link from increased returns to increased investor confidence was found. From the model deployed in the paper, there are reasons to conclude that Thai investors are under-confident. The findings of the study shed lights into the existence of overconfidence bias in Vietnam, Thailand, and Singapore on a comparative basis, provide more insights and implications for future research in this new and rising field of research.

This paper investigates how economic freedom affected firm investment in Vietnam. In the globalization decade, economic freedom has been an important policy to support economic development in Vietnam. Improvements in economic freedom, such as capital freedom and domestic credit freedom, allow firms to access external finance more easily, so that the firm’s investment depends less on internal cash flow. In a developing country, on the drawbacks, many small and medium firms likely have more challenges if the government would not give any subsidies. The higher level of freedom may exacerbate the financing constraints of less competitive firms. We analyze unique firm-level data from 2006 to 2016, which includes listed firms on two major stock exchanges and unlisted firms in the Unlisted Public Company Market. The article also considers how economic freedom affects small firms and large firms differently. Our results show that capital freedom and domestic credit freedom played an important role in investments for Vietnamese firms. However, we cannot find evidence that overall economic freedom relaxed the financial constraints on firms. Additionally, we suggest that small firms likely gain more advantage in access to external finance than do larger firms when the government removes restrictions from capital movement and the domestic credit market.

The article aims to identify the main factors affecting customers' decision to use mobile banking service in Vietnam, a case study in Thanh Hoa province. Based on theoretical frameworks of the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT), the study has been conducted with 370 questionnaires to consumers who have not yet used and are currently using mobile banking in Thanh Hoa province. The research results indicates that several factors have been evaluated to be more important than others, of which, the social influence is the strongest, the second is the compatibility and some others factors such as perceived ease of use, perceived trust, etc., all affecting the intention to use mobile banking in Thanh Hoa. Based on these important results, the article propose a number of recommendations: (i) Exploiting the advantages of social influence on the increase of intention to use; (ii) Increasing compatibility and minimizing costs for customers when they use Mobile Banking; (iii) Developing a strategy to increase the users’ perceived ease of using banking services; (iv) Issuing a policy on increasing the security of Mobile Banking system to meet customers’ needs; and (v) Developing an individual customer management system to improve service quality.

Low inflation and sustainable growth have been the major macroeconomic goals being pursued by every developing country, Vietnam inclusive. The effect of inflation on economic growth has been intensively analyzed by a variety of studies, but the empirical evidence more often than not remains controversial and ambiguous. One common hypothesis of previous studies is that they have assumed that the effect of inflation on growth is symmetric. The main purpose of this study is to investigate the asymmetric effect of inflation and money supply on economic growth using the Nonlinear Autoregressive Distributed Lag approach introduced by Shin, Byungchul, and Greenwood-nimmo (2013) for Vietnam over the period 1990-2017. Empirical results provide evidence that the effects of inflation on economic growth are negative and asymmetric in the long run. The impact of money supply on growth is positive in both the short-run and long-run. Accordingly, the impact of the increase in the inflation rate is bigger than the decreasing in the long-run. This different impact is significant and high inflation will destruct economic activities. As a result, the study provides empirical evidence for the authorities to plan monetary policies and control the rate of inflation to achieve sustainable economic development in the long-run.

CEOs Overconfidence can bring potentially risky early decisions to businesses, along with large enterprise free cash flow that can bring different investment decisions with CEOs Overconfidence. Especially in the context of Vietnamese enterprises, CEOs are often influenced by behavioral psychology about overconfidence in investment decisions (due to individual cultural characteristics as well as operating financial markets also depend on many factors outside the market). Therefore, the authors study the impact of overconfidence and cash flow on investment in Vietnamese to find the internal relationship between these three factors in the financial environment in Vietnam. With 480 companies listed on the Vietnam Stock Exchange from 2014 to 2018 (companies have continuous reports), the regression analysis results with panel data (FEM, GLS models, correction of robust and GMM dealing with endogenous problems) have shown Overconfidence has a positive impact on investment. At the same time, the results also indicated that enterprises with overconfident CEOs and large cash flows tend to invest less than enterprises with low cash flow. The results of this study have shown the behavioral behavior of CEOs in Vietnamese enterprises that exist under both prospect theory and effective market theory.

Energy and energy consumption play an important role in strategies for socio-economic development of the country. In 1995, Vietnam officially entered the 500 kV North-South transmission power line exploits, with a full length of 1,487 km. The purpose of this study is to investigate the breakpoint and the transition effect of energy consumption to economic growth in Vietnam during the period of 1980-1994, and 1995-2016. The Autoregressive Distributed Lag (ARDL) approach and the Bounds test are used to test for the presence of cointegration, whereas the Toda and Yamamoto procedure Granger causality test is used for the direction of causality. The result of the Bounds test validates the existence of cointegration among the included variables. The empirical results provide evidence that energy consumption has a positive impact on the economic growth of Vietnam in the long run. The causality test shows that there is bi-directional causality between energy consumption and economic growth, supported feedback hypothesis. There is a breakpoint in 1995 and the contribution of energy consumption in economic growth in the period of 1995-2016 is lower than the stage 1980-1994. This study suggests Government authorities explore new sources of energy to achieve sustainable economic development in the long run.

The study aims to investigate the determinant factors in the organisation of a firm’s innovative activities, and the impact of innovation capability on firm’s performance of electronic firms in Ho Chi Minh city, Vietnam. How is the performance of electronic companies after delivering an innovation project? How will innovation capability affect firm’s performance in electronic companies? This study aims to seek the answer of these questions. We employ a Structural Equation Model and the PLS technique in order to validate the theoretical model proposed in this study. With observation of 374 valid firms, based on Cronbach’s Alpha analysis, EFA analysis, CFA analysis and SEM analysis, this study discovers 5 groups of factors including: (i) Institution factors; (ii) Attitude of leadership factors; (iii) Marketing factors; (iv) Technological resources factors; (v) Combination factors, which have direct impact on innovation capability of firms. There are 4 groups of factors that have positive impacts on financial performance of electronic firms, with descending order of importance as follows: (1) Attitude of leadership factors; (2) Quality of human resources factors; (3) Innovation capability; (4) Marketing activities factors. Research results are important implications for Government administrative agencies for business to consult and introduce effective support policies.

The paper aims to examine the factors affecting brand and student decision in buying fresh milk. Combining qualitative and quantitative research methods, this study used self-completed questionnaires to investigate 520 students in Ho Chi Minh City. The results of the study show that that there are five key determinants affecting the dairy brand and student decision in buying fresh milk, including: (1) product quality, (2) fair price, (3) product promotion and customer services, (4) product convenience, and (5) reference group’s attitude to the brand. In addition, it is also found that product brand has a direct and positive impact on the student decision. The finding in this study is quite different from other existing literatures in terms of the importance level of the determinants of the student decision in buying fresh milk; specifically, in deciding to buy their fresh milk, students are often interested in the promotion and customer service, the product convenience, and the reference group for the purchase, more than in the quality and price of the product. From these findings, some managerial implications are proposed for policy-makers and relevant enterprises to have appropriate policies and strategies for their business development.

The study aims to examine the impact of productivity in addition to the policy of increasing the foreign investors’ ownership rate on the performance of businesses which were listed on Vietnam's stock exchange market from 2010 to 2017. With the database of 3.961 observations, the study employs a statistical method – multiple regression to estimate the relationship between labor productivity, foreign ownership as well as other firm-level characteristics and firm performance. Research findings show that increasing labor productivity and increasing foreign ownership rates help increase firm performance. In addition, except for financial leverage, variables such as liquidity and firm size have positive effects on firm performance measured by Tobin’s Q. These findings have theoretical contributions and practical implications for managers, investors and government in Vietnam. Managers should pay attention to improving labor productivity through employing incentive mechanisms, building a good working environment, investing in technology, etc. in order to enhance the firm performance. Investors could utilize the labor productivity and foreign ownership indicators to select stocks of good companies for investment. For Vietnamese government, relaxing the limit of foreign ownership and accelerating the divesting of State capital in Stateowned enterprises could help increase the investment scale of foreign investors and resulting in positive effects on the firm performance.