Tạp chí Nghiên cứu Tài chính – Marketing

Microfinance and economic empowerment: Comparative case studies of rural regions in Thailand, Vietnam, and Philippines

Khanh Duy Phan — 2025-07-25

This study assesses the causal impact of microfinance on rural development in Thailand, Vietnam, and the Philippines using a Propensity Score Matching and Difference-in-Differences (PSM–DiD) approach. Based on data from 1,200 households, we estimate effects on income, business ownership, and educational spending. Results show significant gains: household income rose by $40.10, $28.45, and $50.33; business ownership rose by 10, 6, and 12 percentage points; and educational spending by 15%, 10%, and 20% in Thailand, Vietnam, and the Philippines, respectively. Impacts were strongest among women and youth. Comparative evidence highlights the influence of institutional design, with the Philippines’ mature microfinance system yielding the largest effects. Robustness checks confirm internal validity. We propose four targeted policy actions: interest rate subsidies, regulatory reform in Vietnam, financial literacy integration, and gender-focused lending. These findings offer practical insights for enhancing microfinance outcomes across diverse Southeast Asian contexts.

The impact of fiscal decentralization, green innovation, and geopolitical risks on sustainable development

Thi Hong Ha Nguyen — 2025-07-25

This study employs Bayesian regression to examine the impact of fiscal decentralization, green innovation, and geopolitical risks on sustainable development across 19 developed and 12 emerging economies over the period 2010–2022. The empirical results indicate that fiscal decentralization hinders sustainable development in emerging economies but promotes it in developed countries. Conversely, geopolitical risks act as a driver of sustainable development in emerging markets, while it negatively affects sustainable development in developed economies. Notably, green innovation consistently contributes to the enhancement of sustainable development across all countries examined. Based on these findings, the study proposes several policy implications tailored to the development context of each group of countries.

Does foreign ownership decrease bank risk? Evidence from Vietnam

Tran Xuan Linh Nguyen — 2025-07-25

Based on data from 23 Vietnamese commercial banks in the period 2012-2022, the study used the Bayesian method to provide evidence of the positive impact of the foreign investment capital ratio on bank stability. Specifically, increasing the foreign capital ratio enhances risk resilience and strengthens the banks' overall financial stability. This is significant for policymakers, who should consider relaxing regulations on the ceiling for foreign capital ratios. By attracting more foreign investment, banks can leverage strong financial resources and advanced management expertise from international investors. However, to achieve these benefits, flexible and appropriate policies are needed to facilitate the attraction of foreign investment. Policymakers must carefully consider the risks and benefits, ensuring that new regulations do not cause unintended instability in the banking system. In summary, increasing the foreign capital ratio is a crucial step towards enhancing Vietnamese commercial banks' stability and sustainable development.

Inventory and firm performance nexus: The influence of capital intensity

Van Bay Nguyen — 2025-07-25

This study investigates the relationship between inventory management and firm performance, with a focus on the mediating role of capital intensity in manufacturing firms listed on Vietnam’s three major stock exchanges. Using a dataset spanning 2013–2023 from the website https://vietstock.vn/, the study employs a multiple regression framework to analyze the impact of inventory turnover, inventory days, on firm performance, measured by return on assets (ROA) and return on equity (ROE), and the impact of capital intensity on this relationship. The findings reveal that efficient inventory management positively influences firm performance, while longer inventory holding periods negatively impact profitability. Capital intensity is identified as a significant mediator, amplifying the positive effects of inventory practices on performance, despite its standalone negative influence. Control variables, such as liquidity, firm size, and leverage, further contextualize the results. This study contributes to the literature by integrating capital intensity as a mediator, offering insights into the inventory-performance nexus in the context of an emerging market. The findings provide practical implications for firms to align inventory strategies with capital investments for improved operational efficiency and competitiveness.

The impact of self-directed learning on employability: Insights from construction and architecture students in Vietnam

Anh Tuan Vo — 2025-07-25

This study examines the influence of self-directed learning (SDL) on the employability of architecture and construction students in Vietnam. Using data from 463 participants and Structural Equation Modeling (SEM), it analyzes four SDL dimensions: learning motivation, self-management, cooperative learning, and information quality. Results show that learning motivation, self-management, and especially cooperative learning significantly enhance employability. However, information quality does not exhibit a direct effect. The study introduces Expectations from Self (EFS) reflecting psychological capital as a new variable. EFS positively moderates the impact of cooperative learning but unexpectedly weakens the influence of information quality on employability. These findings suggest that students with higher self-expectations benefit more from collaborative learning, while those with lower EFS rely more on information quality. The study contributes to employability theory by integrating EFS and underscores the importance of embedding SDL and personalized support into curriculum design to better prepare graduates for complex labor market demands.

The impact of post-sales factors on customer-oriented business performance of fast-moving consumer goods enterprises in Ho Chi Minh City

Cuu Long Hoang — 2025-07-25

This study aims to assess the impact of post-sales factors on the customer-oriented business performance of fast-moving consumer goods (FMCG) enterprises in Ho Chi Minh City. In the context of increasing competition and rapidly changing consumer trends, post-sales activities such as product experience, after-sales services, customer care, complaint handling, customer communities, and long-term value commitment play a crucial role in maintaining customer satisfaction, loyalty, and revenue growth. The research adopts a mixed-method approach, combining qualitative and quantitative methods, with a structural equation modeling (SEM) framework to examine the relationships among the studied variables. Data were collected from 222 FMCG enterprise managers and 279 consumers in Ho Chi Minh City from June to December 2024 through online and offline surveys. The findings indicate that after-sales services play important roles in reducing customer attrition and customer communities drive revenue growth. The significant effects of product experience on customer satisfaction and loyalty; after-sales service only impact on customer satisfaction not loyalty. FMCG enterprises in Ho Chi Minh City should prioritize enhancing product experience and after-sales services while fostering personalized customer engagement to strengthen loyalty and long-term brand commitment.

Impact of perception on green purchase intentions and behavior of Vietnamese consumers

Thi Nhu Mai Nong — 2025-07-25

The research was conducted to understand the influence of perception on green purchase intention and behavior of Vietnamese consumers. The research model was proposed with 08 hypotheses. An integrated approach of qualitative and quantitative methods was employed. Accordingly, with the qualitative method, the study conducted group discussions with 08 consumers who regularly buy green products, were randomly selected to explore and confirm cognitive factors that directly and indirectly affect green purchase intention and behavior. The scales were proposed on the basis of summarizing relevant theories and previous empirical studies. Quantitative research was conducted by surveying 371 consumers to evaluate the reliability of scales as well as to test the research model and proposed research hypotheses by combining PLS-SEM and IPMA. The results show that, except for perception of effectiveness, which does not affect green purchase intention, other factors such as perception of environment, perception of behavioral control, perception of price, and perception of health directly or indirectly influence green purchase intention and behavior. In particular, perception of environment and perception of behavioral control have a great influence on green purchase behavior, but the performance is low, so it needs to be improved. On that basis, the study also proposed some implications to businesses to raise awareness and increase green purchase intention and behavior of consumers in the future, such as coordinating with state management agencies to strengthen communication through green trade promotion activities or applying appropriate management, production, and business operation methods.

The relationship between employee empowerment, service quality and employee job satisfaction: A case study at Bosch Vietnam Co., Ltd

Thi Anh Van Nguyen — 2025-07-25

Employee job satisfaction plays a crucial role in organisational success, particularly in manufacturing industries. While service quality and employee empowerment are recognised as key drivers of job satisfaction, their interrelationship remains underexplored, especially in multinational manufacturing firms in Vietnam. Existing research predominantly focuses on service quality from a customer perspective, neglecting its impact on employee satisfaction. Additionally, the mediating role of empowerment in linking service quality to job satisfaction lacks sufficient empirical validation. This study addresses these gaps by analysing the direct impact of service quality on employee satisfaction and the indirect impact through the mediating role of employee empowerment. This study employs a quantitative approach using Structural Equation Modeling (SEM) via SmartPLS to analyse survey data from 202 employees at Bosch Vietnam Co., Ltd. The results reveal that service quality positively influences job satisfaction, with employee empowerment playing a crucial mediating role. Employees who receive strong internal service support feel more motivated and engaged. Empowerment also encourages independence, creativity, and the ability to solve problems, all of which make people happier at work. These findings contribute to the understanding of workplace dynamics by integrating service quality and empowerment into job satisfaction in the manufacturing industry.

Digital marketing and virtual try-on: A new ERA of online shopping

Phuong Loan Le — 2025-07-25

In the era of strong e-commerce development, attracting and retaining customers becomes extremely important. This topic focuses on two main factors, Virtual Try-on (VTO) and Digital Marketing (DM), to understand their impact on consumers' intention to purchase fashion products online. This is the first study with the aim of delving into the combined assessment of the impact of these two factors from a comparative perspective of perceived values in the field of online commerce. The study combines qualitative and quantitative research methods, in which the official survey was conducted within one month on the Google Form platform with 496 consumers in Ho Chi Minh City. Through data analysis using Smart-PLS 4.0, the results show that VTO positively affects the two intermediate values more than DM in this market. More notably, Perceived Hedonic Value has a superior impact than Perceived Utility Value when influencing purchase intention, indicating that both VTO and DM contribute greatly to increasing emotional factors in the shopping process. This study not only contributes to consolidating and expanding the theoretical basis of consumer behavior but also provides valuable information to help online fashion businesses improve their business efficiency by applying VTO popularly and optimizing DM, creating attractive shopping experiences, thus increasing sales and profits.