VNU Journal of Economics and Business

The impacts of climate change, socio-economic, political, and demographic factors on international migration in Asia

Huynh Hien Hai — 2025-10-03

Migration has been a major concern in Asia for the past three decades, with international migration being more widely studied than migration resulting from climate change factors, such as temperature, rainfall, CO₂ emissions, and other environmental factors. To address this gap in the literature, a study was conducted using random effects, fixed effects, and generalized least squares regressions for the short run, as well as FMOLS, DOLS, and CCR regressions for the long run, to investigate the effects of climate change and key economic factors on migration in a sample of Asian countries from 1990 to 2020, using five-year interval data. The findings showed that climate change factors, including temperature and rainfall, have had a significant and positive impact on migration from these Asian nations. Additionally, in the short run, the results also identify the cointegrating effects of economic, social, political and demographic factors on international migration. The economic growth, rule of law, and population density have contributed to the increase in migration over the past three decades; meanwhile both rule of law and population density positively affect international migration in the long run.

Volatility spillovers between crude oil price and Vietnamese sectoral equity markets: Evidence from a frequency dynamics perspective

Nguyen Hai Nam — 2025-10-03

This article aims to examine the volatility spillovers between crude oil and the Vietnamese stock market, focusing on sector-level dynamics within an emerging economy context. Using stock index data from sixteen sectors, the study employs the time-frequency connectedness framework developed by Baruník and Krehlík (2018) to assess the interdependence between the crude oil market and Vietnamese equities across different time horizons. The results indicate a strong volatility spillover between the two markets, suggesting a shared risk exposure. Among sectors, the technology industry is identified as the most significant transmitter of volatility, while the airline sector exhibits the lowest degree of connectedness. Moreover, the total connectedness index fluctuates notably over time, pointing to the influence of macroeconomic and geopolitical factors. These findings provide critical insights for investors and policymakers by highlighting the importance of sector-specific sensitivity and broader market interactions in shaping investment strategies and managing financial risk.

Digital orientation, market orientation and innovation capabilities: Evidence from Vietnamese food processing enterprises

Tran Thi Hoang Ha — 2025-10-03

This study explores the mechanism through which digital orientation impacts innovation capability via market orientation. Empirical data from 239 Vietnamese food processing enterprises are used for analysis. The results show that digital orientation promotes the innovation capability of enterprises; market orientation, including customer orientation, supply chain orientation, and competitor orientation, has both a direct impact on innovation capability and plays an intermediary role in promoting the relationship between digital capability and innovation capability. Taking market orientation as the key pathway, the study clarifies the mechanism through which digital orientation affects the improvement of innovation capability, and proposes implications for enhancing innovation effectiveness in Vietnamese food processing enterprises.

The non-linear impact of state ownership on corporate risk-taking in Vietnamese listed firms

Nguyen Huu Truc — 2025-10-03

This study aims to explore the non-linear impact of state ownership on corporate risk-taking in Vietnamese listed firms. Corporate risk-taking is determined by the volatility of stock returns, which includes total risk and idiosyncratic risk. The research data is collected from annual audited financial reports of 577 non-financial listed firms on the Ho Chi Minh Stock Exchange and Hanoi Stock Exchange from 2007 to 2017. The regression outcomes, estimated by the dynamic system GMM estimator, significantly and consistently indicate that the impact of state ownership on corporate risk-taking is a U-shaped non-linearity. State ownership reduces corporate risk-taking behavior; but beyond a certain level of share held by the government, additional levels of state ownership lead to excessive hazardous activities. This article has contributed to the literature by adding empirical evidence on the non-linear impact of state ownership on corporate risk-taking in a typical emerging market. Some recommendations should be considered by state-owned firms, such as increasing the percentage of state ownership for firms operating in high-risk fields that aim for socio-economic development, whereas reducing state ownership for others to achieve profitability goals.

The influence of mindfulness and life satisfaction on mindful consumption: A study on Generation Z in Vietnam

Truong Duy Nhat Phuong — 2025-10-03

Global warming and mental health have emerged to be prominent issues; while academia around the world has investigated mindful consumption and how they influence life quality and nature. This research applied survey method and collected data via questionnaire to measure the mindfulness level among Gen Z consumers and how it affects life satisfaction and mindful consumption. The result proves that mindfulness positively influences mindful consumption and life satisfaction among university students. From these points, seeking to contribute to the broader understanding of how cultivating mindfulness in young individuals can lead to more sustainable consumption patterns and improved mental health outcomes is the most prominent objective of this research. Furthermore, these findings suggest that policymakers should consider integrating mindfulness practices into student lives to yield numerous benefits.

The effect of audit opinions and audit firm reputations on the stock prices of Vietnamese joint-stock companies during and after the COVID-19 pandemic

Chu Thi Thu Thuy — 2025-10-03

The research aims to analyze the impact of audit opinions and the reputation of audit firms on the stock prices of listed joint-stock companies in the Vietnamese stock market during and after the COVID-19 pandemic. Using a dataset of 672 joint-stock companies listed on the Vietnam stock market from 2020 to 2023 and employing the panel data Feasible Generalized Least Squares (FGLS) method, this research provides evidence of the significant positive effects of audit opinions and audit firm reputation on stock prices within the Vietnamese context. The findings reveal that stock prices during the COVID-19 pandemic were significantly higher than in the post-COVID-19 pandemic period, driven by investor psychology and excessive optimism. Moreover, the research points out that during the COVID-19 pandemic, investors paid less attention to audit opinions compared to the post-COVID-19 pandemic period. Finally, the research results also demonstrated that audit firms' reputations consistently influenced stock prices, regardless of the period. Based on these findings, the study offers several recommendations for investors, corporate managers, and government regulators.

Foreign direct investment and the current environmental situation: Evidence from Binh Duong, Vietnam

Nguyen Bach Dang — 2025-10-03

The main objective of this study is to investigate what makes the difference in the impact of FDI on environmental pollution according to the effect of the "pollution halo" and “pollution haven” hypotheses, and the current status of FDI and environmental pollution in Binh Duong province. We applied the document analysis, systematic review method of Bryman & Bell (2011), and the descriptive statistical method. The secondary data includes Binh Duong's FDI capital and environmental pollution indicators during the period from 2021 to 2023. The findings indicate that the “pollution halo” effect is primarily influenced by the influx of FDI capital from developed countries and the presence of high-quality FDI capital. Besides, the host country's environmental policy is an important factor in minimizing the environmental pollution. A significant portion of FDI comes from developing countries and a decline in FDI quality is occurring in the study area. Furthermore, the indicators related to environmental pollution are also increasing locally. This is an extremely worrying issue because it has a high potential risk of causing environmental pollution according to the “pollution haven” hypothesis. Governments at all levels should develop appropriate policies to create favorable conditions for the simultaneous development of an industrial structure towards high technology and automation, while promoting a favorable environment for foreign investors.

Price risk of agricultural products: Evidence from Vietnam robusta coffee

Nguyen Thi Nhung — 2025-10-03

This article aims to investigate factors influencing the price volatility of domestic Robusta coffee in Vietnam. By using monthly data from January 2023 to March 2025 and the Autoregressive Distributed Lag (ARDL) approach, this study shows that Robusta coffee futures price and weather conditions have positive impacts on the price risk of domestic Robusta coffee, while there is no evidence on the role of input costs, international coffee price and exchange rate. The empirical outcomes totally support the price discovery of futures and the increasingly important role of climate for changes in agricultural products’ prices. Moreover, this study offers some suggestions for policy makers and coffee producers to efficiently manage price risks of Robusta coffee in the Vietnam domestic market.

Factors influencing customer loyalty to green brand products: The case of VinFast’s passenger transportation services

Do Huy Thuong — 2025-10-03

This study analyzes the factors influencing customer loyalty towards green brand services in: The case of VinFast's transportation services based on the theory of Oliver (1999), the SERVQUAL model of Parasuraman et al. (1988) and using the quality-satisfaction-loyalty model to examine the two aspects (attitudinal and behavioral) of loyalty through trust and satisfaction. Remarkably, the study examines how the factors (Green brand image, Perceived green brand value and Perceived green quality) affect customer loyalty through trust (attitudinal aspect) and satisfaction (behavioral aspect). Subsequently, the study examines how trust and satisfaction impact loyalty. The structural equation modeling (SEM) and Delphi method are used to test the impacts of those factors on customer loyalty towards VinFast's green transportation services. The results show that "Perceived green quality" and "Green brand image" impact "Trust". Meanwhile, "Perceived green value" does not affect "Trust". "Perceived green quality" has the most significant effect on "Satisfaction", followed by "Perceived green value". The correlation between "Green brand image" and "Satisfaction" isn’t statistically significant. "Satisfaction" significantly impacts "Loyalty" while "Trust" has less impact on "Loyalty".

Research on effects of entrepreneurial education and self-efficacy on finance students’ entrepreneurial intention in Hanoi city: A SMART-PLS 4.0 approach

Nguyen Danh Nam — 2025-10-03

The study aims to explore the effects of entrepreneurial education and self-efficacy on the entrepreneurial intentions of financial students through the intermediaries of entrepreneurial attitudes and entrepreneurial mindset within universities in Hanoi City, Vietnam - an emerging economy in Southeast Asia. A questionnaire survey was conducted to collect data from 170 financial students across five universities. The collected data were analyzed using structural equations - specifically the partial least squares technique. The results indicated that financial students’ entrepreneurial intention is directly impacted by entrepreneurial education, self-efficacy, attitudes, and mindsets. Our findings revealed that entrepreneurial education impacts entrepreneurial intentions through the intermediary of an entrepreneurial mindset. The findings are useful for universities and governments in developing countries seeking to enhance young people’s entrepreneurial intentions by implementing entrepreneurial education.

Developing a circular business model: The case of agriculture and agro-industry innovations

Le Ha Thanh — 2025-10-03

This research aims to explore the integration of circular economy practices within Vietnam's agriculture and agro-industry sectors by examining the experiences of leading companies that have implemented circular business models. By analyzing case studies of eight companies—including An Dinh Co. Ltd., BUYO Bioplastics, Carafoods, Happyhands, Loc Troi Group, Phuc Sinh Corporation, Vinasamex, and Thanh Long International JSC, the study identifies key circular strategies, including resource circularity, efficiency, and substitution. These strategies have yielded environmental, economic, and social benefits, including reducing greenhouse gas, improved farmers' financial returns, and job creation. Key challenges include limited financial resources, insufficient market demand for circular products, difficulties meeting stringent international quality standards, and low farmer engagement in sustainable practices. Based on these findings, the paper proposes policy recommendations, such as green financing, consumer awareness initiatives, and support for international certification, to overcome these barriers and enhance the adoption of circular business models. These recommendations aim to enable Vietnam's agriculture and agro-industry sectors to overcome existing limitations, promoting a circular economy framework that supports environmental sustainability, economic resilience, and social progress.

Joint-liability lending: Does it raise repayment performance?

Hoang Thi Thu Hien — 2025-10-03

The aim of this paper is to examine whether joint-liability lending, a lending method often used by microfinance organizations, has positive impacts on repayment performance, as suggested in the theoretical literature. There has been an abundance of studies that investigate theoretically the impact of joint liability lending on repayment, yet the empirical evidence has been scarce due to the difficulties in obtaining reliable data. To test the joint-liability lending relationship, this paper uses a dataset for Thailand, collected by the Bank for Agriculture and Agricultural Cooperative in early 2000. As repayment performance is measured by a dummy variable, therefore a logit model is utilized to show the impact of joint liability lending on repayment. Results show that joint-liability lending may have positive impacts on repayment, but only under certain circumstances. Microfinance organisations should utilise this type of lending to improve repayment performance if suitable conditions can be obtained.

Qualitative research on retirement planning consulting services – customer and consultant perspectives

Hua Phuong Linh — 2025-10-03

Retirement planning consulting is an essential service that helps individuals better prepare for their retirement. However, its adoption in Vietnam remains limited. This study examines the usage of retirement planning consultant services and the relationship between clients and consultants through a qualitative research approach. The authors conducted interviews with six professional retirement planning consultants and sixteen customers who have used these services. The findings highlight customers' awareness, their needs for retirement planning, common mistakes made during the process, and challenges affecting the relationship between financial consultants and service users. Based on these insights, the authors provide recommendations to enhance the development of retirement planning consulting in Vietnam.

An exploratory review and qualitative analysis of female stakeholders’ perspectives on agrobiodiversity conservation

Vu Hoang Nam — 2025-10-03

Gender differences in agrobiodiversity conservation have been largely examined in the literature. Exploration of female stakeholders’ perspectives on agrobiodiversity conservation in different agricultural sectors having diversified economic, social, and institutional contexts is, however, scant. Applying the framework of feminist social-ecological analysis of agrobiodiversity to conduct an exploratory review and qualitative analysis of information collected from focus group and in-depth interviews with female farmers and other female stakeholders in vegetable and aquaculture production in Viet Nam, this study discusses how agrobiodiversity conservation is perceived by female stakeholders in vegetable and aquaculture production. Findings from this study indicate that different female stakeholders’ perspectives on agrobiodiversity conservation in vegetable and aquaculture production are due to diverse sources of loss in agrobiodiversity, levels of resource intensity of the production, and features of the supply chain.

The EU economy in the first half of 2025 and prospects for the second half of the year: Implications for Vietnam - EU trade and investment

Nguyen Truc Le — 2025-10-03

Amid the EU’s slow economic recovery and growing uncertainties, this paper analyzes the economic, trade, and investment relations between Vietnam and the EU in the first half of 2025, while offering several policy implications for the remainder of the year, using secondary data from reputable domestic and international organizations and combining descriptive and comparative analysis. The findings show that, despite the slow recovery of the EU economy, Vietnam–EU trade continued to grow strongly, with a high trade surplus, and EU investment in Vietnam increased significantly - particularly in high-tech and renewable energy sectors. The EU-Vietnam Free Trade Agreement has demonstrated clear positive effects, while the EU-Vietnam Investment Protection Agreement, if ratified, would serve as a major boost for bilateral investment. A prominent policy implication is that Vietnam should continue institutional reforms, support businesses in adapting to green standards, and position itself as a regional hub for low-carbon manufacturing.