Journal of Economic – Law and Banking

Temporary exit suspension due to tax debt under Decree No. 49/2025/ND-CP: Legal innovations and implementation challenges

2026-04-16T10:34:24+07:00

Prior legal instruments lacked specific quantitative thresholds for applying the suspension of exit measures, but based on the local actual situation and tax administration. Decree No. 49/2025/ND-CP promulgated by the government inherited and revised, supplemented the provisions of the previous text, and has become an effective enforcement measure for tax debt collection. By using the methods of analysis, comparison and synthesis, this paper studies the law on the basis of the legal texts related to the suspension of exit, thus highlighting the new points of government resolution 49/2025/ND-CP on: (i) the applicable objects; (ii) the limit of debt tax and the term of debt; (iii) notice on suspension and cancellation of suspension of exit; At the same time, some difficulties in the implementation process are pointed out. The paper concludes by proposing several recommendations aimed at refining the regulations on the suspension of exit in the future, specifically: conduct research into the re-standardization of applicable cases for suspension of exit; apply information technology in the administration of suspension of exit; and consider transferring the authority to issue suspension of exit to the justice agency.

The procedure for mortgage deregistration in secured transactions: From legal provisions to practical application in Viet Nam

2026-04-16T10:16:54+07:00

This paper examines the procedure for deregistering mortgage security within the framework of current legislation and its practical application at Land Registration Offices in Viet Nam. Applying analytical and normative-comparative methods combined with practical data drawn from the processing procedures at several land registration offices, the study reveals a lack of uniformity: some offices allow simultaneous deregistration and new registration, while others require deregistration to be completed before accepting subsequent transactions. The “deregister first- register later” interpretation lacks a solid legal basis and results in duplicated procedures, prolonged processing time, and increased compliance costs. Based on these findings, the paper recommends shortening the processing time for cases involving only deregistration, permitting simultaneous procedures when a new registration is requested, issuing unified inter-agency guidelines, developing an integrated electronic database, and strengthening coordination and oversight mechanisms. The study clarifies the distinction between the legal nature of extinguishing a mortgage and the administrative implementation in practice, thereby proposing reforms to enhance transparency, consistency, and effectiveness within the secured transaction registration system

Regulations on the disposal of land use rights and assets attached to land in terminated investment projects: Current situation and recommendations

2026-04-16T10:18:31+07:00

The handling of land use rights and land-attached assets in terminated investment projects poses significant legal challenges in Vietnam’s land management. Through an analysis of the 2024 Land Law, Decree No. 102/2024/ND-CP, and the 2020 Investment Law, this article shows that permitting investors to retain land for up to 24 months to transfer land use rights or dispose of assets after project termination lacks legal consistency. The absence of a clear distinction between asset handling and project transfer, together with weak procedural and transferee controls, creates risks of speculation and disguised transfers. The article therefore proposes legal reforms to narrow the scope of asset handling, clarify the boundaries between related legal regimes, and strengthen oversight of land use right transfers to enhance consistency, transparency, and effectiveness in land governance.

The impact of economic policy uncertainty on Vietnam's Stock Market volatility: Evidence from a Domestic EPU Index constructed via a Hybrid ML-LLM approach and ARDL models

2026-04-16T10:19:26+07:00

This study empirically investigates the impact of Economic Policy Uncertainty (EPU) on the volatility of the Vietnamese stock market, measured by the VN-Index, over the period 2008- 2025. By applying a Hybrid Machine Learning approach, combining a Logistic Regression classifier with Large Language Model (LLM)-assisted labelling, to a textual dataset of nearly 500,000 Vietnamese-language economic news articles, a domestic EPU index for Viet Nam was constructed. Employing ARDL and NARDL models, the empirical results suggest the existence of a robust long-run cointegrating relationship between EPU and VN-Index volatility. Notably, the findings reveal significant asymmetric market responses, whereby positive EPU shocks, representing increased policy uncertainty (bad news), amplify market volatility considerably more than the dampening effect produced by negative EPU shocks representing reduced uncertainty (good news). These results underscore the importance of transparent and consistent policy communication in stabilizing investor sentiment and mitigating systemic risk in the Vietnamese equity market.

Policy risk and financial distress of listed non-financial firms in Viet Nam

2026-04-16T10:22:05+07:00

This study examines the impact of policy risk on financial distress among listed non-financial firms (excluding real estate) in Viet Nam over the period 2016- 2024. Financial distress is measured using the Z’’-score and a binary variable identifying firms that fall into the lowest Z-score group each year. The model is estimated using a high-dimensional fixed effects approach, absorbing firm, industry, and year fixed effects, with standard errors clustered at the firm level to address heteroskedasticity and serial correlation. The results indicate that all dimensions of policy risk significantly reduce the Z’’-score and increase the probability of financial distress, implying that shocks to macroeconomic policy management may weaken firms’ financial health and heighten micro-level instability risks. This study contributes empirical evidence on the differentiated effects of monetary, fiscal, and trade policy risks on financial distress in an emerging market context. The simultaneous use of continuous and binary distress measures, together with multi-way fixed effects estimation, enhances the robustness and credibility of the findings. The results underscore the importance of policy stability and transparency in strengthening corporate financial resilience.

Customers’ switching behavior in the service sector: A systematic review and future research directions

2026-04-16T10:22:55+07:00

This study conducts a systematic review of 123 articles from the Web of Science and Scopus databases (1995- 2025) to systematize the theory of customers’ service switching behavior. The results identify a significant conceptual shift from “total switching” to “partial switching”. Previous studies are categorized into three main streams: the switching process, comparison of characteristics of stayers and switchers, and factors that drive customers to switch. Specifically, the synthesis reveals that low satisfaction and price (push factors), along with the attractiveness of alternatives (pull factors), are the primary drivers of switching behavior, whereas switching costs, subjective norms, and inertia (mooring factors) play a crucial moderating role. The paper contributes an updated analytical framework and proposes future research directions focusing on emotional variables and “mooring” factors in the context of digital transformation.

Dynamics of Viet Nam’s comparative advantage structure: RSCA Clustering at the HS2 Level, 2000- 2023

2026-04-16T10:24:08+07:00

This paper examines the dynamics of Viet Nam’s comparative advantage structure at the two-digit HS (HS2) level over 2000-2023. Applying K-means clustering on a feature vector that summarizes each HS2 industry’s dynamics (advantage strength, volatility, persistence, instability, and trend), the HS2 structure are classified into four clusters with relatively homogeneous patterns. Building on this classification, the paper characterizes each cluster’s role in the export structure and its contribution to export growth over time, and it further measures within-cluster concentration. A Markov transition framework is then employed to quantify the probabilities of maintaining, gaining, and losing comparative advantage across sub-periods. The results indicate that the drivers of export growth have shifted across clusters over time and that within-cluster concentration differs markedly, implying a risk-growth portfolio-management approach to policy design, in which policy packages are tailored to clustered-specific characteristics so as to harness growth drivers while reducing concentration and dependency risks.

The impact of financial leverage on corporate investment activities: A quantile regression approach for non-financial listed enterprises in Viet Nam

2026-04-16T10:26:04+07:00

This study examines the correlation between the net investment ratio and the extent of debt utilization among 98 publicly traded non-financial firms in Viet Nam, excluding insurance companies, commercial banks, and other credit institutions, throughout the period from 2016 to 2023, employing the quantile regression method. The research findings indicate that enterprises exhibiting a high net investment ratio, characterized by substantial investments in fixed assets (such as machinery, equipment, and real estate), tend to decrease their investment levels more significantly when they increase their reliance on debt compared to those with a low net investment ratio. Consequently, some policy implications are suggested for finance decisions and debt utilization to uphold sustainable corporate investment practices.

The impact of macroeconomic factors on the Stock market in Viet Nam

2026-04-16T10:28:10+07:00

The research aims to analyze the influence of macroeconomic factors and the price of Bitcoin on the growth of stock market value in Viet Nam. The VN-Index is used to represent the growth of Vietnam's stock market value because the capitalization of the HOSE exchange accounted for over 93.3% of the total market capitalization at the end of 2023. The primary macroeconomic variables examined include Industrial Production Growth, Export Turnover Growth, Inflation, Money Supply Growth, and Foreign Direct Investment. Utilizing an Autoregressive Distributed Lag (ARDL) model on a time-series dataset from 2011 to 2023, the estimation results indicated that the Bitcoin price, Export Turnover Growth, Money Supply, and FDI all exert a positive influence on the VN-Index in both the short and long run. Conversely, Industrial Production Growth shows a negative impact across both time horizons. Inflation, measured by the Consumer Price Index, positively affects the market in the short run but proves to be statistically insignificant in the long run. Based on these findings, the research proposed several policy implications, such as completing the legal framework for cryptocurrencies, enhancing market transparency to reduce speculation, promoting exports, adhering to targeted inflation control, implementing flexible money supply management, and improving procedures to better attract FDI.

The impact of macroeconomic factors on the Stock market in Viet Nam

2026-04-16T10:28:53+07:00

This article evaluates the relationship between employee empowerment, management awareness, and accounting information system performance; in which management awareness plays a mediating role in employee empowerment and accounting information system performance. The results based on the PLS-SEM model for 219 small and medium enterprises (SMEs) in the trade and service sector in three regions of North, Central, South of Viet Nam from July 2024 to the end of September 2024 indicate that employee empowerment and management awareness positively influence on accounting information system performance. Furthermore, management awareness also plays as a mediating role in the relationship between employee empowerment and accounting information system performance. The results of this research will help small and medium enterprises in Viet Nam realize the importance of employee empowerment and management awareness in increasing accounting information system performance, thereby improving the firm performance.

Assessing the gap between policy requirements and information security capacity in the Vietnam People's Credit Funds system

2026-04-16T10:33:04+07:00

This study measures the gap between the minimum required threshold at the 2025 milestone and the actual information security (cybersecurity) capability of Vietnam People’s Credit Funds (PCFs) system, thereby drawing implications for the 2026- 2030 digital transformation period. Based on a valid sample of 1,068 PCFs and an analytical framework integrating institutional theory with the resource-based view (RBV), the findings show that the system-wide average information security score is 1.89 out of 5.0, with 87.73% of units falling below the minimum threshold (E = 2.5). A decomposition using the NIST Cybersecurity Framework indicates that deficiencies are concentrated in deeper operational capabilities, particularly Detect and Recover, while the establishment/compliance layer performs relatively better. The results also suggest a mismatch between the establishment/compliance layer and the operational execution layer, especially among smaller entities. On that basis, the study recommends shifting the regulatory focus from compliance control to capability building through shared services and a proportionality principle tailored to organizational size.

Cluster analysis of real estate enterprises using compositional data analysis method based on DuPont model

2026-04-16T10:33:42+07:00

This study conducts a compositional data analysis (CoDa)- based clustering of listed real estate firms in Vietnam over the period 2012- 2023, using the DuPont model as the analytical framework. The dataset comprises 63 firms and 621 firm-year observations collected from the HOSE, HNX, and UPCOM exchanges. The findings reveal three distinct clusters characterized by heterogeneous financial profiles. Cluster 1, which represents the majority of the sample, maintains a long-term debt ratio of approximately 45% of total liabilities and exhibits stable profitability. Cluster 2 shows a comparable level of profitability but relies almost entirely on short-term financing, suggesting a conservative and less prevalent capital structure strategy. Cluster 3 employs the highest degree of financial leverage yet reports the lowest ROA and ROE, indicating heightened financial risk associated with excessive debt utilisation. The results highlight the critical role of capital structure-particularly long-term debt-in sustaining profitability and strengthening the competitive position of real estate firms. The study provides meaningful implications for managers, investors, and policymakers in assessing corporate financial health, formulating sustainable development strategies, and making investment decisions aligned with market conditions.