The study investigates the asymmetric effect of exchange rate changes on stock prices in Vietnam. We use the nonlinear autoregressivedistributed lag (ARDL) analysis for monthly data from 2001:01 to 2018:05, based on VN-Index stock price collected from Ho Chi Minh Stock Exchange (HOSE); the nominal exchange rate is separated into currency depreciation and appreciation through a partial sum decomposition process. Asymmetry is estimated both in the long-run relationship and the short-run error correction mechanism. The research results show that the effect of exchange rate changes on stock prices is asymmetrical, both in the short run and in long run. Accordingly, the stock prices react to different levels to depreciation and appreciation. However, the currency appreciation affects a stronger transmission of stock prices when compared to the long-run currency depreciation. In the absence of asymmetry, the exchange rate only has a short-run impact on stock prices. This implies a symmetrical assumption that underestimates the impact of exchange rate changes on stock prices in Vietnam. This study points to an important implication for regulators in Vietnam. They should consider the relationship between exchange rate changes and stock prices in both the long run and the short run to manage the stock and foreign exchange market.

The study aims to investigate factors affecting enterprise’s satisfaction and loyalty toward the Social Security’s online public services, looking at the case of Thanh Hoa province, Vietnam. This study employs samples with 216 enterprises that use online public system of Thanh Hoa province’s Social Security. The research model is closely linked to the SERVQUAL model developed by Parasuraman, Zeithaml and Berry (1988). We propose 23 scales that constitute the quality of service, three scales that constitute Customer Satisfaction and three components that constitute Customer Loyalty. This study use the tool of Exploratory Factor Analysis (EFA), Cronbach’s Alpha test, Confirm Factor Analysis (CFA) and Structural Equation Modeling (SEM) in order to address the question of satisfaction and loyalty. The result shows that the factor with the most impact is Reliability, next is Capacity of staffs, Tangibles, Attitude of staffs, and the least impacting factor is Empathy; moreover, the results also show that Satisfaction has a strong impact on Customer Loyalty. The findings of this study suggest that Thanh Hoa province’s Social Security should: (i) strengthen the reliability of online service system; (ii) build capacity for staffs; (iii) develop the responsiveness of electronic transactions systems; and (iv) improve the empathy of staffs.