Tạp chí Kinh tế & Kinh doanh

E-government and regional economic growth in Vietnam: A spatiotemporal perspective

Vu Van Huong — 2026-02-02

This study explores the regional and temporal effects of e-government development on economic growth in Vietnam. While prior literature recognizes the role of digital governance in enhancing administrative efficiency and institutional performance, limited attention has been paid to spatial spillovers and the evolving nature of these impacts. Employing provincial panel data from 2018-2022 within a spatiotemporal heterogeneity framework, the study identifies pronounced regional variation and a temporal learning process in the benefits of e-government. The findings highlight the importance of institutional capacity and local context. Policy implications call for regionally tailored implementation strategies, targeted support for underperforming provinces, and sustained investment in digital infrastructure and human capital to foster equitable digital development and regional economic growth.

ESG performance and dividend policy: Evidence from VN100 firms

Tran Nguyen Tram Anh — 2026-02-02

The paper examines the relationship between ESG performance and dividend policy. Using a sample of non-financial VN100 firms listed on the Ho Chi Minh Stock Exchange from 2017 to 2023, we find a positive association between overall ESG performance and dividend payouts. This suggests that firms with stronger ESG engagement tend to distribute a larger share of earnings to shareholders. Further analyses indicate that the environmental component has a positive impact on dividend payouts while the social and governance components do not exhibit statistically significant effects. These results remain robust after controlling for the potential impact of the COVID-19 pandemic and outliers. This study contributes to the growing body of literature on sustainable finance in emerging markets and offers practical implications for corporate managers, investors, and policymakers aiming to align ESG strategies with financial outcomes.

From digital transformation to performance: Building supply chain competencies and resilience in Vietnam’s supporting industry

Hoang Trong Truong — 2026-02-02

Based on the Dynamic Capability Theory, the research proposes that digital transformation contributes to better supply chain performance by enhancing its competencies and resilience. A survey of enterprises in Vietnam’s supporting industry was conducted and analyzed using Smart PLS 4.0 to test the measurement and structural models. From 163 usable questionnaires, this research found that digital transformation is a driver of three core competencies of a supply chain including agility, adaptability and alignment. The improvement of these competencies creates a more resilient supply chain with better performance. From these findings, recommendations are provided for enterprises in Vietnamese supporting industry to improve performance via digital transformation.

Credit in real estate in Vietnam

Ly Dai Hung — 2026-02-02

The paper accesses the macroeconomics impact of credit in real estate in Vietnam by employing a time-varying structural vector autregression (TVC-SVAR) and a data sample of 24 observations from Q1/2019 to Q4/2024. The empirical evidence records that real estate credit helps fuel economic growth in Vietnam. A 1 percent increase in the real estate business credit raises the economic growth by 0.3 percent in the second quarter, then, this impact gradually decreases to disappear after the sixth quarter. Meanwhile, a 1 percent increase in real estate consumption credit increases the economic growth by 1.5 percent in the first quarter, and the impact disappears after the 10th quarter. At the same time, the real estate credit also affects the asset market with the impact depending on the type of credit. The credit in real estate business increases the size of stock market capitalization and gold prices, while credit in real estate consumption has almost no significant impact on these two macroeconomic variables.

Management of post-tax profits and old vehicles transition to circular advanced transport by transportation enterprises in Vietnam

Nguyen Thi Thuy Dung — 2026-02-02

This study examines the impact of post-tax profit management strategies on the transition of old vehicles toward the Circular Advanced Transport (CAT) system in Vietnam’s transport sector, where CAT vehicle adoption is still in its early stages. Using empirical data from 124 joint-stock transportation enterprises from 2019 to 2024, this study employs Ordinary Least Squares (OLS), Fixed Effects Model (FEM), and Random Effects Model (REM) regression models to assess the financial determinants of CAT adoption. The findings reveal that enterprises prioritizing dividend payouts from post-tax profits tend to be more engaged in CAT transition, whereas firms allocating a higher share of post-tax profits to internal development funds or operations exhibit lower engagement due to capital constraints. Moreover, companies with higher long-term debt ratios or strong bank financing access demonstrate greater capacity for large-scale CAT investments. These findings also highlight the need for policymakers to encourage external capital mobilization and shareholder investment to accelerate the sector’s sustainable transition.

The impact of ownership structure and macroeconomic factors on the profitability of Vietnamese commercial banks

Nguyen Hong Thu — 2026-02-02

This study investigates the influence of ownership structure and economic indicators on bank performance in Vietnam. Using panel data from 27 commercial banks from 2010 to 2022 and employing the Generalized Method of Moments (GMM), we examine the relationships between ownership structures, macroeconomic factors, and bank profitability. Results reveal that state ownership negatively affects bank performance. Besides, macroeconomic factors, such as GDP and inflation, demonstrate positive correlations with profitability. These findings provide crucial insights for policymakers and bank managers in optimizing ownership structures and adapting to macroeconomic changes, which are particularly relevant for emerging markets.

Reshaping Vietnam-EU trade: The EVFTA, innovation, and COVID-19

Cao Hai Van — 2026-02-02

This study investigates the EU-Vietnam Free Trade Agreement's (EVFTA) impact on bilateral trade, considering global innovation and the COVID-19 pandemic. An extended gravity model incorporating the Global Innovation Index and a COVID-19 variable is employed. Results indicate a short-term negative EVFTA impact, potentially due to adjustment costs and non-tariff barriers, yet innovation positively influences Vietnam's high-tech exports. Despite COVID-19, Vietnam demonstrates trade resilience. Standard gravity variables (GDP, population, exchange rate, distance) reveal nuanced effects, highlighting Vietnam's GVC integration. This suggests that while initial EVFTA implementation poses challenges, innovation and adaptability drive long-term trade growth. Policies should focus on enhancing EU standards compliance, deepening GVC participation, and leveraging digitalization to maximize EVFTA benefits.

Digital transformation and bank performance in Vietnam: Evidence from textual analysis

Tran Thi Phuong Thao — 2026-02-02

Digital transformation has become a global trend and directly impacts every field and industry, including the banking industry. In Vietnam, joint stock commercial banks have been focusing their resources on investing in digital transformation applications to improve business quality, leading to an increase in information about digital transformation in annual reports. The authors applied textual analysis and regression research methods to evaluate the level of digital transformation of commercial banks on the Vietnamese stock market measured by the number of keywords about digital transformation in the annual report for the period 2012-2022, as well as assessing the impact of digital transformation on banks' business performance. The results show a significant increase in the level of digital transformation and the positive impact of digital transformation on bank performance. In addition, the results indicate that there are significant differences in the level of digital transformation and impact of digital transformation on business performance among banks with different assets. Hence, the authors propose solutions for banks as well as recommendations for the State and investors to further promote banks’ digital transformation activities.

Determinants of entrepreneurial intention: Evidence from youth in Vinh Phuc province, Vietnam

Tran Tuan Vinh — 2026-02-02

This study investigates the determinants of entrepreneurial intentions among youth in Vinh Phuc province, Vietnam, through an Integrated Determinants of Entrepreneurial Intention framework synthesising the Theory of Planned Behaviour, Entrepreneurial Event Model, and Institutional Theory. Using exploratory factor analysis and multiple regression on data from 300 young respondents, we examine nine factors influencing entrepreneurial intentions. Results indicate that entrepreneurial passion, motivation, entrepreneurship education, entrepreneurial behaviour, and institutional environment significantly and positively affect entrepreneurial intentions, while entrepreneurial barriers demonstrate a significant negative effect. These findings contribute to entrepreneurial intention literature by providing an integrated theoretical framework applicable to emerging economies and offer practical insights for policymakers seeking to foster youth entrepreneurship in transitional economic contexts.

Can digital transformation enhance the cost-efficiency of logistics enterprises in Vinh Long Province?

Nguyen Thi Phuong Dung — 2026-02-02

Amid the digital economy and intense logistics competition, this study investigates how digital transformation affects the cost efficiency of logistics firms in Vinh Long province. Using panel data from 53 enterprises (2021–2023), regression results show that digital transformation significantly enhances cost efficiency by optimizing operating costs. Firm size directly improves efficiency and strengthens the digital transformation–cost efficiency link, giving larger firms greater advantages. Labor scale and financial leverage also enhance efficiency, while firm age reduces it due to structural rigidity and outdated technologies. The equity-to-asset ratio is insignificant. Managerial implications are proposed to improve cost efficiency in the digital era.

Optimization model for flexible flow shop scheduling problem: Case study of telecommunication equipment industry

Nguyen Thi Xuan Hoa — 2026-02-02

The flexible flow shop (FFS) scheduling problem represents a critical challenge in optimizing production processes, especially within the telecommunication equipment manufacturing (TEM) sector. Effective scheduling is important for minimizing production time, reducing costs, and ensuring timely delivery. Through extensive research on related work in FFS scheduling problems and the algorithms used to address this complex issue, a significant research gap has been identified. There is an increasing need for multi-objective models and application studies that can address the unique constraints and requirements of modern manufacturing environments. This study proposed an optimization approach for solving FFS scheduling problems by using genetic algorithm (GA), aiming at optimizing two primary objectives: makespan and job tardiness. The model considers workforce constraint, due date constraint and job sequencing. By employing an optimization model and a GA, an optimized scheduling model has been developed to meet the specific requirements of the company in TEM sector. The optimized scheduling model resulted in a significant reduction in makespan, improving the overall production timeline. Additionally, the model enhanced resource utilization, ensuring that machines and workforce are employed more efficiently. Particularly, the optimized scheduling model helped decrease the makespan by 33 percent and eliminate job tardiness.

Logistics in friendshoring: Competitive edge and geopolitical risks

Dinh Minh Duc — 2026-02-02

In the context of rising geopolitical frictions and fragmented supply chains, this paper examines the state of friendshoring and evaluates how logistics is used as a geoeconomic competitive instrument. Using a qualitative approach, the study develops a five-dimension framework covering infrastructure upgrading, strategic corridors, logistics digitalization and transparency, policy alignment with conditional FDI, and chokepoint control to analyze these strategies. The findings show that friendshoring is consolidating around North America, the EU, and ASEAN. Logistics now functions both as an efficiency driver and a geopolitical instrument, while generating new risks such as network fragmentation, politicized nodes, and overreliance on critical corridors. Policy implications for emerging economies include prioritizing large-scale multimodal infrastructure, accelerating end-to-end digitalization, tying FDI incentives to logistics capability upgrading, and strengthening trusted regional corridor partnerships.

The power of 3D LED displays in modern advertising: Effects on consumer attention and brand engagement

Le Hau — 2026-02-02

Three-dimensional (3D) LED advertising has become increasingly visible in large urban environments, yet empirical evidence on audience responses to this format remains limited, particularly in emerging markets. This study examines how key attributes of 3D LED advertisements content quality, location salience, perceived exposure duration, social influence, and perceived technological features are associated with consumer attention, emotional involvement, and brand perception. A cross-sectional survey was conducted with 400 adults who had recently encountered 3D LED advertisements in Ho Chi Minh City, Vietnam. Multiple regression analysis shows that content quality, location salience, exposure duration are associated with higher levels of consumer attention. Emotional involvement is more closely related to content quality, social influence, and perceived technological features, while brand perception is primarily linked to social influence and technological cues. Rather than implying causal effects, the findings highlight patterns of association that clarify how audiences experience immersive outdoor advertising in dense urban settings.

Assessing the impact of digital trade policies on economic growth: A propensity score matching and difference-in-differences analysis in Southeast Asia

Phan Khanh Duy — 2026-02-02

The rapid expansion of digital trade has restructured global commerce in Southeast Asia, where accelerated technological adoption intersects with high growth potential. Digital trade policies-covering e-commerce facilitation, digital payments, and cross-border data governance—constitute core institutional drivers of growth and regional integration. This study estimates their causal effect on economic growth using Propensity Score Matching combined with Difference-in-Differences (DiD) to address policy endogeneity. Panel data for ASEAN economies from 2015 to 2023 integrate macroeconomic indicators with policy adoption measures. Policy adoption increases annual GDP growth by 2.5 percent, with heterogeneous effects across income groups and policy dimensions. Strongest effects occur in high-income economies and in regimes prioritizing data governance and e-commerce facilitation.

CO2 emissions, economic growth, energy consumption and trade openness relationship in Asian countries: Application of panel analysis to explore thresholds across development periods

Le Hang My Hanh — 2026-02-02

This study explores the dynamic relationships between energy consumption, trade openness, economic growth, and carbon emissions in 36 Asian nations across different income levels from 1992 to 2021. Using the panel Autoregressive Distributed Lag model with Error Correction, along with Fully Modified Least Squares, Canonical Cointegration Regression, Feasible Generalized Least Squares, and the Granger causality test, we identify an inverted U-shaped relationship between gross domestic product and CO₂ emissions in the long run for all income groups. However, in the short-run, this relationship holds only for high-income and all countries groups, as there is no evidence to confirm this relationship in upper-middle-income and low and lower-middle-income groups. Additionally, except for high-income nations, a bidirectional causal link exists between economic growth, trade openness, and energy consumption. Moreover, while trade openness shows no clear correlation with carbon emissions in the short run, this factor indicates different impacts on environment in different groups of countries. Energy consumption remains positively associated with CO₂ pollution. These findings offer valuable insights for policymakers in designing effective CO₂ mitigation strategies tailored to different economic contexts, contributing to sustainable development goals.

Exploring the relationship between geopolitical risk, economic policy uncertainty and inflation expectation in the United States

Le Hong Thai — 2026-02-02

The study examines the relationship between geopolitical risk, economic policy uncertainty, and inflation expectations in the United States using monthly data from January 1994 to October 2022. Results from the ARDL model highlight significant short-run associations, showing that geopolitical risk is positively linked to inflation expectations, suggesting its complex influence on inflation dynamics in the short term. In contrast, no significant long-run relationships are identified between economic policy uncertainty, geopolitical risk, and inflation expectations. Additionally, variables such as industrial production, energy prices, oil prices, money supply, and exchange rates are found to be key contributors to fluctuations in inflation expectations. Based on the empirical findings, the study offers policy recommendations aimed at managing inflation expectations, including close monitoring of geopolitical risks, stabilizing energy and oil prices, and fostering industrial growth to mitigate inflationary pressures.