Science & Technology Development Journal - Economics - Law and Management <p><span id="result_box" class="" lang="en"><span title="Tạp chí Phát triển Khoa học và Công nghệ (PTKH&amp;CN) của Đại học Quốc gia thành phố Hồ Chí Minh (ĐHQG-HCM) được thành lập từ năm 1997, ra số đầu tiên vào tháng 1 năm 1998. Từ năm 2006 Tạp chí đã"><strong>Science and Technology Development Journal</strong> (STDJ), Vietnam National University - Ho Chi Minh City (VNU-HCM) was established in 1997. And the first issue was published in January 1998 with </span><span title="đăng ký mã số chuẩn quốc tế ISSN 1859-0128.">ISSN 1859-0128. </span><span title="Từ đó cho đến nay, Tạp chí PTKH&amp;CN đã trở thành diễn đàn khoa học quan trọng nhất của đội ngũ cán bộ nghiên cứu, giảng viên, nghiên cứu sinh của ĐHQG-HCM và cũng là diễn đàn khoa học công nghệ đáng tin cậy của">Since then, STDJ has become the most important scientific forum of scientists from VNU-HCM as well as</span><span title="nhiều nhà nghiên cứu, giảng viên các trường đại học khác tại Việt Nam."> other universities. </span><span title="Tạp chí đã trải qua 20 năm phát triển và đã trở thành nhịp cầu giao lưu khoa học, cũng như làm phong phú tài liệu tham khảo cho đội ngũ giảng viên, nghiên cứu sinh, sinh viên ĐHQG-HCM nói riêng và các Trường đại">The magazine has undergone 20 years of development and has become a bridge for scientific exchanges, as well as enriching reference materials for the faculty, doctoral students, students of VNU-HCM in particular and other universities, institutes... </span></span></p> <p><span id="result_box" class="" lang="en"><span title="học phía Nam nói chung. "><br></span><span title="Tính đến hết năm 2016 Tạp chí đã xuất bản được 276 số với 2714 bài nghiên cứu của các nhà khoa học, cán bộ trong và ngoài ĐHQG-HCM trong 5 lĩnh vực nghiên cứu: Kỹ thuật và Công nghệ, Khoa học Tự nhiên,">By the end of 2016, the journal has published 276 issues with 2714 research articles in five areas of research: Engineering and Technology, Natural Sciences, </span><span title="Khoa học Xã hội và Nhân văn, Kinh tế luật và Khoa học Quản lý, Khoa học Trái đất và Môi trường tương ứng với 5 chuyên san chuyên ngành của Tạp chí.">Social Sciences and Humanities, Economics of Law and Management Sciences, Earth Sciences and Environment corresponding to 5 specialized journals of the Journal. </span></span></p> <p><span id="result_box" class="" lang="en"><span title="Tạp chí đã được phát hành tại các thư viện của các đơn vị thành viên của ĐHQG-HCM, các Sở Khoa học Công nghệ của các tỉnh thành trên cả nước và được Hội đồng học hàm Giáo sư Nhà nước đánh giá cao.">The magazine has been widely indexed in the various libraries at Vietnam. </span></span></p> Viet Nam National University Ho Chi Minh City en-US Science & Technology Development Journal - Economics - Law and Management 2588-1051 <p>Copyright The Author(s) 2018. This article is published with open access by Vietnam National University, Ho Chi Minh city, Vietnam. This article is distributed under the terms of the&nbsp;<a href="" target="_blank" rel="noopener">Creative Commons Attribution License (CC-BY 4.0)</a> which permits any use, distribution, and reproduction in any medium, provided the original author(s) and the source are credited.&nbsp;</p> Factors influencing students' intention to online course survey participation - A study at HCMC University of Technology <p>Universities are facing an increasing pressure to assess educational quality outcomes. Therefore, a specific way to evaluate teaching effectiveness is through surveying students at the end of each course. Schools are often concerned with the validity and reliability of student evaluations of teaching. Due to the small sample sizes, the data obtained from these assessments can lack statistical significance and the results can be biased. Low response rates to online student assessments of teaching are concerned and have been studied from many different perspectives. Therefore, this article explores the factors that affect the intention of answering the online course survey of students at Ho Chi Minh City University of Technology. The theory of planned behavior is the foundation of the theoretical model which is complemented by other elements. SEM is conducted on 324 survey samples of all faculties. The results show that the factors such as moral obligation, incentives, subjective norms, perceived behavioural control, e-learning accessing habits have an impact on the intention to online course survey participation and moral obligation carries the strongest weight.</p> Hàng Lê Cẩm Phương Nguyễn Ngọc Bình Phương Nguyễn Thị Thương ##submission.copyrightStatement## 2021-08-26 2021-08-26 6 1 1968 1980 10.32508/stdjelm.v6i1.859 title description none g The impact of leadership on working motivation create lability for employees at FPT Software Da Nang <p>After 16 years of operation, FPT Software Da Nang has continuously grown and become the largest information technology company in the Central region with 3000 employees, whose average growth rate of the last 3 years is more than 70%/ year. Due to the nature of the information technology industry, FPT Software Da Nang has a fast-paced, long-term working environment, with working conditions and processes having a high degree of interdependence between teams. Maintaining loyalty and motivating employees is one of the most important tasks of a leader. Therefore, invisible competition in terms of leadership is significantly important for FPT Software Da Nang. To create work motivation and loyalty by offering benefits, influencing and stimulating it is indispensable to increase the effective functioning of workers at work, in a profession or in specific functions. Therefore, the study was conducted with data collected from 285 employees at the company using the Structural Equation Modeling technique. The results confirm that leadership capacity has a direct impact on work motivation, creating loyalty for employees, thereby proposing management measures to create competitive advantages for FPT Software Da Nang and other enterprises in Vietnam.</p> Thu Bui Thi Minh Lai Phan Thi Yen ##submission.copyrightStatement## 2021-09-03 2021-09-03 6 1 1981 1993 10.32508/stdjelm.v6i1.809 title description none g The relationship among local marketing, regional linkage, a destination image, and foreign direct investment firms’ satisfaction: A case study in long an province <p>The study investigates the relationship among local marketing, regional linkage, a destination image, and FDI firms' satisfaction in Long An province. Qualitative and quantitative research was implemented as follows: The qualitative research was executed through focus group discussions with 10 owners or export managers of FDI firms; The quantitative research was conducted through direct interviews with 491 managers of FDI firms in Long An. Empirical results justifies the relationship among local marketing, regional linkage, a destination image, and FDI firms' satisfaction. The results show the following key metrics: (i) FDI firms' satisfaction is affected by a destination image (with Beta = 0,141), local marketing (with Beta = 0,202), and regional linkage (with Beta = 0,173); (ii) A destination image is affected by regional linkage (with Beta = 0,456), and local marekting (with Beta = 0,150); (iii) Local marketing is affected by regional linkage (with Beta = 0,367). The findings are foundational for policy proposals for Long An province to improve the satisfaction of FDI enterprises. However, the research has certain limitations: (i) the study was only conducted in Long An, (ii), the spatial correlation among Ho Chi Minh City, Tien Giang and Long An linked regions was neglected.</p> Nhieu Van Mai ##submission.copyrightStatement## 2021-09-03 2021-09-03 6 1 1994 2004 10.32508/stdjelm.v6i1.867 title description none g An interdisciplinary research between analyzing customer segmentation in marketing and machine learning method <p>Customer segmentation is one of the key factors in managing customers and building the appropriate marketing strategies. Segmenting customer groups will help managers understand the characteristics of their customers or consumer behaviors, thereby reaching the right target customers, retaining customers (Customer Retention), increasing revenue and competitive advantages of the business. However, finding the right customer groups is a challenge that businesses need to solve on a solid and reliable basis. Along with the support from current technology solutions such as Customer Relationship Management (CRM) and the application of algorithms and methods including both qualitative and quantitative research to enable businesses to cluster customer groups in marketing analysis. This article concentrates on introducing a hybrid model that combines RFM (Recency, Frequency, Monetary) and Machine Learning to analyze customer segmentation. The study was conducted through an empirical method on a dataset with 541,909 transactions of online retail stores, clustering 5 customer segments with the characteristics of each cluster being tested for quality demonstrating the effectiveness and applicability of the study.</p> Thanh Trung Ho Sơn Đăng Nguyễn ##submission.copyrightStatement## 2021-09-04 2021-09-04 6 1 2005 2015 10.32508/stdjelm.v6i1.850 title description none g Risk management for individual traders in financial market <p>When participating in the financial market, few investors can sustainably succeed in the market, most of them often make psychological mistakes that lead to failure. The article applies theories and synthesizes empirical studies to analyze common mistakes of individual traders based on the theory of behavioral finance, including: prospect theory, herding effect, house money effect, sunk costs, and overconfidence. The article uses qualitative methods combined with descriptive statistics on a sample of 120 individual investors who are directly trading on the financial market, using a convenience sampling method. The results show that the disposition effect has the strongest impact on investors' decisions, specifically, 81.3% of investors often close their profit positions too soon while the trend is still continuing. Hesitating when making decisions or trading with weak signal, being influenced by others also have a strong impact on the trader, the rest of the factors have a moderate impact. From those results, the article analyzes that the main cause of psychological deviations is "fear" inside each person. Investors close their profit positions early because of the regret aversion if losing that profit, they hesitate to make decisions because of the fear of making mistakes, affected by the herd effect is due to the isolation aversion. On that basis, the article proposes solutions to help investors control psychological factors to survive and succeed in their trading activities, the solution emphasizes self-discipline, planning, and a constant learning process.</p> Phan Ngoc Yen Xuan Le Truong Giang ##submission.copyrightStatement## 2021-09-05 2021-09-05 6 1 2016 2027 10.32508/stdjelm.v6i1.789 title description none g The impact of social capital on the ability of households’ access to credit services in rural Vietnam <p>Social capital plays a crucial role in assisting rural households to improve incomes. It is, therefore, necessary to conduct research to find ways improving the ability of households' access to credit services. This paper investigates the impact of social capital on the ability of households' access to formal and informal credit services in rural areas in Vietnam. In the research model, social capital is proxied by the number of household members participating in mass organizations and social groups. Univariate Probit and Bivariate Probit models are applied, with data collected from three waves of Vietnam Access to Resources Household Survey - VARHS (2014, 2016 and 2018). The estimation results indicate that the number of household members participating in mass organizations and social groups positively affects the ability of households' access to both formal and informal credit services. The results are robust when changing the sample. The study also proves that for rural households, formal credit and informal credit are interchangeable. One policy implication from the findings of the study is that rural population should be given more favourable conditions to join mass organizations and social groups to improve access to credit services. Another implication is that sources and forms of formal credit should be diverse so that rural households are able to increase access to formal credit and decrease access to informal credit.</p> Au Thi Hai Nguyen ##submission.copyrightStatement## 2021-09-07 2021-09-07 6 1 2028 2038 10.32508/stdjelm.v6i1.861 title description none g Innovation and firm performance: Is R&D worth it? An empirical case of Vietnam enterprises <p>This study aims to analyze the impact of R&amp;D and product innovation on firm performance in Vietnam using a sample of 397 firms. The resource-based view is used as the underlying theory the research model. The statistics show that the Vietnamese firms on average extract 5.82% of total revenue to spend on R&amp;D activities. In addition, there are approximately 32% of the Vietnamese firms in the sample has improved or upgraded products as well as developed new services during the last 3 years. This result has implied that the investment in R&amp;D and the activities on product innovation in Vietnam have been at a relatively modest level. Besides, the regression results showed that product innovation positively affects Vietnamese firms' performance in terms of profitable accounting measures. This result implies that launching new products or improving existing products could be the "fuel" for the growth engine of firms and thus could improve the performance for the Vietnamese firms. Also, R&amp;D was found to have a positive impact on firm performance in the Vietnam context. Hence, it could be said that investing in R&amp;D is necessary to improve firm performance in an emerging market like Vietnam. R&amp;D could be a means to help firms create competitive advantages and increase their profits. Moreover, R&amp;D could also be the premise of innovation activities for firms. These results indicated that the resource-based view theory is empirically supported in the Vietnamese context. As a result, this study's evidence calls for the consideration of R&amp;D investment and product innovation to improve the firm performance in this market. Furthermore, the statistical evidence in this study shows that export intensity has positively influenced on firm performance in the Vietnamese market.</p> Tran My Ngo Tien Hoang Thuy Le Yen Thi Bach Tran ##submission.copyrightStatement## 2021-11-02 2021-11-02 6 1 2039 2050 10.32508/stdjelm.v6i1.790 title description none g Choice factors when Vietnamese students select universities: An exploratory study from a customer perspective <p>The higher education sector is becoming increasingly competitive as students currently have more opportunities to pursue undergraduate degrees. Universities apply marketing strategies to student recruitment and gain the insights about prospective students more closely, which is similar to the process businesses learn about consumer attitudes and behavior. Therefore, the study on the students' intention of choosing a university is necessary. Despite its importance, few previous studies in Vietnam have explored this issue, especially the analysis of choice factors of students throughout the decision-making journey. To explore in-depth the considerations and factors that influence students in this decision-making journey, qualitative data was collected by interviews with freshmen students. Choice factors are divided into three main dimensions, comprising institution-related factors, student-related factors and information sources. The results provide remarkable findings to help universities understand more about the elements which students are interested in and search for during the decision-making process, the importance of paticular choice factors in each stage to adjust the marketing strategies over the stages.</p> Tri Le Nhi Le Tan Nguyen Khoa Tran ##submission.copyrightStatement## 2021-11-03 2021-11-03 6 1 2059 2072 10.32508/stdjelm.v6i1.801 title description none g Factors affecting the livelihood diversification of Vietnam households <p>Sustainable livelihood is not only the livelihood objective but also households’ expectations. Livelihood diversification is aimed at ensuring the farmer's resilience to shocks and improving livelihood sustainability. Research on livelihood diversification in rural areas contributes to the development of agricultural development policies, social security policies for all farm households in Vietnam. The authors applied statistic and regression methods to analyze VARHS’s database which is surveyed 12 provinces in Vietnam over years. This paper is carried out to analyze and evaluate factors affecting the probability of choosing to diversify the livelihoods of Vietnamese farmers by developing a diversification index (SID) and SID’s determinants based on the DFID framework. The results show that the decision to diversify livelihood is influenced by many factors, including age, planted areas, asset value, saving money. Since then, the authors propose some implications for promoting the livelihood diversification of Vietnamese farmers.</p> Huynh Ngoc Chuong Tran Thi Bao Ngoc Le Hoang Dat Nguyen Thi Hai Yen ##submission.copyrightStatement## 2021-11-03 2021-11-03 6 1 2073 2082 10.32508/stdjelm.v6i1.807 title description none g The role of FDI in Vietnam's economic development <p>Since Vietnam joined the World Trade Organization (WTO) in 2007, foreign direct investment (FDI) into Vietnam has increased sharply and has become one of the important sources of capital for the economic development of the country. However, apart from the positive aspects that FDI brought, there were also many negative aspects affecting the economic, political, social, and environmental fields. By analyzing the current situation, role, and limitations of FDI in Vietnam's economic development, the study shows that FDI inflows into Vietnam had positive changes in the period 2010 - 2020. During the research, the analytical data was collected from secondary data from the yearbook of the General Statistics Office and the reports of the Foreign Investment Department - Ministry of Planning and Investment, using the descriptive statistics, synthesis, and analysis to analyze data to describe the effects and qualitative relationship between FDI and economic development in Vietnam. The research results show that in the period 2010-2020, FDI capital continuously increased in total registered capital and realized capital; the proportion of FDI contribution to GDP also increased gradually over the years, however, there was an imbalance between registered capital and realized capital, and the contribution of FDI to GDP was still limited. At the same time, the results also show that the capital of FDI invested in Vietnam and many economic sectors primarily stems from Asian countries while the number of investors in developed countries such as Europe and the Americas is yet inconsiderable, and FDI mainly focuses on processing and manufacturing industries. Based on the research results of the article, a number of solutions are proposed to help Vietnam attract more foreign-invested projects, contributing to promoting Vietnam's economic development in the coming time.</p> Trần Thị Trân Châu ##submission.copyrightStatement## 2021-11-20 2021-11-20 6 1 2083 2091 10.32508/stdjelm.v6i1.857 title description none g The agglomeration of business types at the regional level in Vietnam <p>This study evaluates the agglomeration of different types of enterprises in Vietnam and the influence of agglomeration among others by analyzing the concentration distribution of enterprises using the Moran I index and the LISA index. (Local Indicators of Spatial Association). Research data includes enterprise data taken from the statistics of provinces for the period from 2005 to 2019 in the Statistical Yearbook and spatial data extracted from GADM (Database of Global Administrative Areas). Research results show that the small and medium-sized enterprises in Vietnam lack agglomeration. For the few existing business clusters, most are in the form of a "Marshallian cluster" model, represented in the form of industrial clusters. In addition, the agglomeration of large enterprises mainly takes place according to the model of the "Satellite Platform cluster" model, which is represented in the form of industrial parks with the concentration of large companies and corporations participating in the global value chain. Although foreign small and medium-sized enterprises have begun to participate in the Vietnamese market, Vietnamese small and medium-sized enterprises have increasingly met the requirements of large corporations and multinational companies, becoming large companies’ partners and gradually integrating into their supply chains. This leads to the emergence of small and medium-sized enterprise clusters besides those of large enterprises.</p> Bac Truong Cong ##submission.copyrightStatement## 2021-11-20 2021-11-20 6 1 2101 2114 10.32508/stdjelm.v6i1.826 title description none g Evaluating the effectiveness of corporate governance through financial indicators: A case study of industrial and consumer goods companies listed on the Vietnamese stock market <p>The purpose of this paper is to evaluate the influence of some financial ratios on the management performance, represented by ROA of companies listed on the Vietnamese stock market. The study utilizes the simultaneous equation model, GMM regression method with data of 621 companies in industrial and consumer goods sectors in 2019. The research results show three factors that are financial ratios that affect the management efficiency of companies (represented by the Ratio of return on assets), of which the biggest influence is Asset turnover, followed by the Debt-to-assets ratio, and the Net profit margin. Besides, the factor of Net profit ratio is affected by the Debt-to-asset ratio. The results of this study are different from those of previous research and with the assessment of the Vietnam Securities Business Association 1 when stating that asset turnover has a considerably minor influence on the management efficiency of companies. From the research conclusions, the authors propose management implications to help companies improve management efficiency, and investors evaluate the effectiveness of companies' management regarding building investment portfolios.</p> Trần Quang Cảnh Phan Thị Đông Hoài Vũ Trực Phức ##submission.copyrightStatement## 2021-11-20 2021-11-20 6 1 2133 2141 10.32508/stdjelm.v6i1.849 title description none g Pro-environmental behavior in sustainable tourism: the impact of using "Environmental feedback" <p>Numerous strategies have been used to promote sustainable tourism, such as building environmentally-friendly destination images or giving visitors gifts to enhance their pro-environmental behaviors. There is an effective and cost-efficient way called "environmental feedback" that can urge people to participate in green actions; however, it has not been given enough attention in the accommodation sectors. Using “environmental feedback” means providing information to explain the meaning of pro-environmental behaviors. This research aims to measure the impact of providing "environmental feedback" on tourist's choice of accommodation. The hypotheses were verified using the Randomized Controlled Trials method. In particular, respondents were randomly segmented into two groups: treatment group (307 samples with hotels displaying "environmental feedback"); control group (211 samples with hotels not displaying "environmental feedback"). The findings confirm the positive impacts of using "environmental feedback” on guest’s selection of hotels. In addition, the difference in price between sustainable accommodations and standard accommodations also influences tourist's choices.</p> Linh Thị Phương Nguyen Anh Mỹ Nguyễn Như Thị Hoàng Hồ ##submission.copyrightStatement## 2021-12-17 2021-12-17 6 1 2142 2151 10.32508/stdjelm.v6i1.822 title description none g Effect of Job Satisfaction on Organizational Commitment of Officers at the State admininistrative agencies in Binh Dinh Province <p>The study aims to determine the factors affecting job satisfaction, and assessing the effect of job satisfaction on the level of organizational commitment of officers at the State administrative agencies in Binh Dinh province. From the data provided by 337 officers, the structural equation model (SEM) was applied to assess the effect of job satisfaction on organizational commitment of officials working at the State administrative agencies in Binh Dinh province. The results show that there are eight factors affecting the job satisfaction of officials include (i) training and promotion opportunities, (ii) trade union activities, (iii) colleagues, (iv) salary and bonus, (v) working conditions, (vi) job stability, (vii) leadership, and (viii) the nature of work. With the factor of training and promotion opportunities have the heaviest impact on job satisfaction, and the factor of trade union activities have the weakest impact on job satisfaction of officers. The result shows that a positive relationship between job satisfaction and organizational commitment. Based on the results suggested some significant policy implications for State administrative agencies in Binh Dinh province to increase job satisfaction and organizational commitment of officials in the coming time.</p> Nam Danh Nguyen Lan Thi Ngoc Uong ##submission.copyrightStatement## 2021-12-17 2021-12-17 6 1 2152 2166 10.32508/stdjelm.v6i1.864 title description none g Improving Vietnamese law on the pre-action collection of evidence of law violations in cyberspace <p>In this technological era, illegal acts are surging in cyberspace and causing considerable damage by exploiting the fast and convenient features in connecting and making online transactions. Obtaining evidence and information related to those acts is a prerequisite for the victims of law violations in cyberspace to use legitimate tools to secure their rights and interests. Such an activity must be conducted as soon as possible, even before the proceeding starts to prevent the important evidence and information of the violators from being permanently dispersed or deleted. However, such data is often stored by an opposite party or placed under the management of third parties such as banks, internet service providers and social media platforms. These parties tend to refuse information disclosure due to the conflict of interests, assurance of confidentiality and other business issues. In this regard, Vietnamese civil procedure law still encounters several difficulties for the victims to collect evidence at the pre-action stage. The law has neither clarified the victims’ right to request the evidence-holders to disclose nor provided the victims with any other effective measure to support such collection in this crucial period. Meanwhile, the procedure law of foreign jurisdictions, namely the UK and the Netherlands, is integrated with effective mechanisms to deal with this specific issue. In general, such mechanisms entitle the victims to request the court to order the evidence-holders to disclose crucial evidence of the violations and information about the violators before the commencement of a civil action. Using both doctrinal and comparative methods, this article examines these foreign schemes to determine several vital points for improving Vietnamese civil procedure law regarding the request for court assistance in collecting evidence at this pre-action stage.</p> Khoi Trong Dao ##submission.copyrightStatement## 2021-12-25 2021-12-25 6 1 2175 2183 10.32508/stdjelm.v6i1.832 title description none g Population ageing: experiences from some “super-aged” Asian countries and feasible solutions for Vietnam <p>The statement of "aging in the 21<sup>st</sup> century" raised by the United Nations Population Fund Association has been a prominent socio-economic issue around the world, and in reality, the rate of aging has occurred in many countries at an unprecedented pace. Though the aged population could be considered as the huge achievement of human beings in terms of socio-economic growth along with the blended life expectancy, the aging population possibly causes difficulties and challenges toward elderly people and the society as well. Some Asian countries have been confronted with the demographic change as the life expectancy gradually increases but the fertility and mortality are significantly declined. Vietnam among Asian countries was one of the nations with the highest pace of aging rate across the world. Thereby, grasping the deep understanding of the factors impacting on aging and its consequences on socio-economics become a crucial social issue for Vietnam. With the aim towards prescribing appropriate and sustainable social security policies from the perspective of the population, we will focus on analyzing and comparing the challenges and difficulties faced by Asia's 'super-aged' countries as well as the effective policies that they have implemented to solve their problems. For the purpose of harnessing the merits of the "golden population" period and improving the current quality of population, we then propose some policy implications relative to financial security, health care, and expect to create a friendly environment for the elderly.</p> Trinh Hoang Hong Hue Vu Thien Tran ##submission.copyrightStatement## 2021-12-25 2021-12-25 6 1 2192 2207 10.32508/stdjelm.v6i1.868 title description none g The impact of overinvestment on firm performance of Vietnam’s listed companies <p>The research investigates the impact of overinvestment on firm performance as well as the moderation role of debt policy and dividend policy towards the relationship between overinvestment and firm performance among listed companies in Vietnam. The research data are collected from the FiinPro Database which includes 548 non-financial companies listed on Hanoi and Ho Chi Minh Stock Exchange during the period of 2011 – 2019. The overinvestment variable is proxied by the positive value of error terms estimated from the Investment Demand Function. Because the research employs the dynamic model with the presence of the one-period lagged dependent variable as an independent one in the regression, the SGMM estimator is applied to help deal with the problem of endogeneity. The estimated results clarify that (1) overinvestment has a negative effect on firm performance, (2) debt policy and dividend policy can regulate overinvestment to help lessen the harmful impact of overinvestment on firm performance, and (3) firm performance shows significant discrepancies among 8 industries. The research findings make a considerable contribution not only to the academic aspect by giving an explicit explanation for both Agency Theory and Free Cash Flow Theory through demonstrating the association between debt policy or dividend policy and overinvestment but also to the practical aspect by giving some suitable recommendations to assist corporate enterprises in heightening their firm performance and assist investors in making more accurate investment decisions.</p> Nguyen Trong Nghia ##submission.copyrightStatement## 2021-12-25 2021-12-25 6 1 2208 2219 10.32508/stdjelm.v6i1.893 title description none g Appointing a replacement investor in case of early termination of a PPP contract – some assessments on rationality, transparency, and effectiveness <p>Appointing a replacement investor in case of early termination of a PPP contract is a new provision of the Law on Public-Private Partnership Investment 2020. Basically, the form of investor selection provided under this new provision of Law is not supported by the public. Consequently, there are many questions raised about its rationality, transparency, and effectiveness. Primarily, there are questions on whether it is reasonable for the law to allow the use of investor appointments to find replacement investors, and whether the selection of investors conducted by such a method is transparent and ensures the appropriateness of investors chosen for the project. Thus, to clarify those issues, this article will analyse the provisions related to the appointment of replacement investors provided under the Law on Public-Private Partnership Investment 2020 and compare with similar provisions in the law of some other countries as well as the recommendations of UNCITRAL. On that basis, the article will make an assessment of the rationality, transparency and effectiveness of the abovementioned regulations and propose personal views on these issues. Particularly, this article will emphasise the role of the lender – a special entity in the process of appointing replacement investors – in ensuring the rationality, transparency and effectiveness of the appointment of investors.</p> Như Thị Thùy Cao ##submission.copyrightStatement## 2022-01-10 2022-01-10 6 1 press press 10.32508/stdjelm.v6i1.903 title description none g Capital structure and stock price of non-financial firms listed in Viet Nam <p>The aim of our paper is to consider the non-linear effect of the capital structure represented by debt ratio on stock prices of non-financial firms listed in Vietnam. The research sample in this paper is 458 firms, which was selected by the purposive sampling method. The research data has been extracted from audited financial statements of the firms at the end of every year over the period from 2015 to 2019 and processed correspondingly with stock price statistics from FiinPro Data. According to the panel data of our paper, we used Pooled Ordinary Least Squares (POLS), Fixed Effects Model (FEM) and Random Effects Model (REM), but we only selected FEM after using Redundant Fixed Effects test, Breusch-Pagan test and Hausman test. However, the Wald test’s result showed that the heteroscedasticity does exist in the model; therefore, we adjusted by using Generalized Least Squares (GLS) method. The final estimation results based on GLS show that capital structure has a positive effect on stock price within a limit of debt ratio and will have a negative effect when this limit has been exceeded. This implies that capital structure has an inverted-U-shaped effect on stock price, and we identify the debt ratio threshold of capital structure of 22.07%. The findings are expected to provide useful information for financial managers when making financing decisions with the expectation of maximizing shareholder value and also for investors when analyzing and investing in stocks. The limitations of this research are that the research sample does not include all non-financial firms listed in Vietnam and the research model has not considered the moderating or intervening relationship between factors; according to that, future studies may consider these.</p> Vinh Hoàng Lê Thuy Minh Thi Le ##submission.copyrightStatement## 2022-01-10 2022-01-10 6 1 press press 10.32508/stdjelm.v6i1.882 title description none g The legal and practical issues in the regulations for servicing legal documentation notices to individual in Vietnam civil procedure <p>To begin with, that the society and the economy are fastly developing precipitates a number of disputes necessary for settlements. Of dispute resolution methods including Mediation, Negotiation, Arbitration, and Court, Court is still a traditional method widely chosen by parties, which is evidenced by the increase in the quantities of cases over the years. However, given that the requirement of the society is the timely settlement, it has placed more pressure on court officers. The issuance, delivery, and announcement of procedural documents are three of the most important factors in the civil procedure. The requirement of this activity encompasses ensuring the time limit of the provisions for the proceedings and fully implementing the procedure, enabling parties to exercise their legal rights and obligations. However, shortcomings in the issuance, delivery, and announcement of procedural documents have not been resolved. In addition, in the context of the booming industrial revolution 4.0, the application of information technology and digitization has been placed on the procedure for issuing, serving and notifying procedural documents to create favorable conditions, saving time and costs for parties and Court. The article aims to analyze the current provisions of the Civil Procedure Code on the provision, delivery, and notification of procedural documents to individuals, thereby proposing certain recommendations to refine Vietnamese law in the given field.</p> Mai Hoàng Phước Phan Thanh Hưng ##submission.copyrightStatement## 2021-08-26 2021-08-26 6 1 1960 1967 10.32508/stdjelm.v6i1.824 title description none g A scientometric analysis of COVID-19 research in the context of Vietnam <p>Cases of COVID-19 are spiking globally, and the number of deaths is continuing to increase at warning rates. The urgency of the global pandemic has prompted scientists from all over the world to focus urgently on finding solutions to limit the negative impact and reverse the pandemic; Vietnam is not an exception. In a short period, the literature on COVID-19 related to the Vietnamese context is increasing with a high and fast growth. In this regard, there is a need to analyze these sources to provide guidance and direction on the progress of research and development, and to suggest policy decisions. In this study, we are going to apply the scientometric method of COVID- 19 research in the context of Vietnam. The Scopus database was used to obtain information about COVID-19 studies. Using Scopus's built-in analysis tool for descriptive statistics, combining the use of ScienceScape and VOSviewer tools to analyze 144 research documents, the main results show that there has been international cooperation, diversification of research directions from medical research, to socio-economics, technology, among others. However, medical research accounts for the majority of relevant publications. At present, research on the Epidemiology-control of COVID- 19 in the context of Vietnam is the most common concern of researchers.</p> Hien Nguyen Trong Ton ##submission.copyrightStatement## 2021-11-03 2021-11-03 6 1 2051 2058 10.32508/stdjelm.v6i1.881 title description none g The Central Bank Digital Currency – Lessons learned from Bahamas <p>The Fourth Industrial Revolution has impacted positively on the financial system. Digitalisation in various aspects is one of the greatest advances in finance. Thanks to transformation, financial requirements are proceeding rapidly, safely, and conveniently. Nations aim at cashless society in tandem with financial inclusion as well as enhancing the opportunity for growing up microfinance and peer-to-peer payments. Besides existing currencies, there is an essential demand for a stable and secure currency which performs clearing and settlement payments. Central Bank Digital Currency (CBDC) has an appropriate nature to satisfy the requirements for an up-to-date and optimal currency issued by the Central Bank. In Vietnam, recently, the process of digitization has taken place dynamically; moreover, the attention to CBDC has also increased. In line with several monetary benefits, CBDC also assists SBV to consolidate its role in monetary activities. Therefore, conducting CBDC studies is significant. The journey from research to circulation of CBDC requires thoughtful consideration and lessons learned from a pioneer such as the Bahamas which is the only country still exchanging CBDC. Therefore, the purpose of this article is to study the experience from the Bahamas, an important premise for Vietnam, to prepare and modify efficiently before CBDC officially circulates in Vietnam.</p> Ly Thi Ngoc Huynh ##submission.copyrightStatement## 2021-11-20 2021-11-20 6 1 2092 2100 10.32508/stdjelm.v6i1.819 title description none g Organic food consumption: a literature review on motives and barriers <p>In recent years, the consumption of organic food - sustainable consumption has increased significantly in many parts of the world. Besides the factors that promote organic food consumption behavior, there are also barriers to reducing the demand for this food. This study aims to present and discuss the factors that influence organic food consumption behavior. We review, synthesize, and analyze 86 studies conducted from different countries. The main results consist of theoretical frameworks applied in the organic food consumption context, motivations for organic food consumption behavior, barriers to organic food consumption behavior. The nine motivational factors are: concern for personal health; health attributes of organic food; food safety; food quality; sensory aspects; environmental concerns; organic food knowledge; social values; personality. Price; the lack of information and availability; doubt regarding certification/labeling and the lack of trust in stakeholders are considered as the main barriers. In addition, implications for further research are also discussed.</p> Hai Nam Le Loc Tuan Le ##submission.copyrightStatement## 2021-11-20 2021-11-20 6 1 2115 2126 10.32508/stdjelm.v6i1.830 title description none g The relationship among shopping motives, orientation and purchase intension: Theorical overview and research model <p>Shopping orientation is defined as a shopping lifestyle, emphasizing an individual way of purchase, and reflects on a consumption perspective as a complex economic, social, and entertainment phenomenon. Thus, it has been considered as the best way to understand the nature of consumers. In spite of being an important construct in marketing literature, nowadays, the classification of shopping orientations has been inconsistent in the scientific community, especially with the rapid growth of the internet, several orientations are emerging. Therefore, this paper aims to review some relevant theories and previous empirical research to determine typical current shopping orientations and propose a research framework exhibiting the relationship among the antecedents (shopping motives) and the consequences (purchase intention) with shopping orientations. The findings indicated three main shopping motives comprising control, intimacy, and self-expression impacting on seven shopping orientations, namely quality, brand, recreation, novelty, price, convenience, and impulse, all of which collectively influence purchase intention. Furthermore, shopping orientation is assumed as a mediating variable to control the impact of shopping motives on purchase intention. This theoretical framework is a significant contribution for literature, from which some management implications are also recommended.</p> Nguyen Duy Phong Huynh Thanh Tu ##submission.copyrightStatement## 2021-12-25 2021-12-25 6 1 press press 10.32508/stdjelm.v6i1.888 title description none g E-Commerce: The overview of the study for the period 1995 -2020 <p>In recent years, with the world entering the era of technology 4.0, the e-commerce market has been growing strongly in Vietnam and worldwide. As of 2020, the Covid-19 pandemic is a catalyst that changes consumers’ shopping behavior. Consumers change from traditional direct shopping to online shopping by e-commerce platforms. The paper is to carry out an overview of the previous studies to determine the current trend and challenges of e-commerce. According to the research results, this article suggests the administrative implications to Vietnamese e-commerce businesses. The results of the literature review have shown a common trend of online shopping in the future because of its convenience. Furthermore, online shopping also poses two major challenges for businesses: capital and internet infrastructure. Hopefully, synthesizing the previous research will help enterprises have orientations and strategies for the growth of the e-commerce industry in the future.</p> Thanh Nguyen ##submission.copyrightStatement## 2021-12-25 2021-12-25 6 1 2167 2174 10.32508/stdjelm.v6i1.803 title description none g Legal popularization and legal education for community models through clinical legal education – practice at law schools in Southern Vietnam <p>The legal dissemination and legal aid to the residential community is a typical activity in the program of Clinical Legal Education in law schools. In Vietnam, practical legal education programs have been implemented officially at Vietnamese law schools since 2010. Besides a legal dissemination's aim, the practical legal education program contributes to consolidating law knowledge and improving soft skills for students who take part in the program directly. Up to now, the practical legal education program has succeeded in legal dissemination activities. However, the development potential of the program in the coming time is considerable but has not been implemented strongly. Therefore, this article presents an overview of the origin and content of the Clinical Legal Education and the statistics of the actual situation of implementing this program in Vietnam in recent years. The following part describes the solutions proposed to promote this program as a component connecting to the policy of socialization of work and legal education prescribed by the Law on Legal Popularization And Education 2012.</p> Lưu Minh Sang Nam Hoài Lê ##submission.copyrightStatement## 2021-12-25 2021-12-25 6 1 2184 2191 10.32508/stdjelm.v6i1.862 title description none g Personal property management in trust: Implications for Vietnam <p>With the prosperity of the nation, Vietnamese residents are the beneficiaries of more satisfactory legal frameworks regulating relatively all possible social issues. However, the legal component of personal asset management is considered to be refined. In reality, the existence of disputes and litigations over property management in fields of inheritance has placed pressure on legislators and law practitioners. Citizens who are not able to manage property effectively due to the lack of time, incapacity, knowledge deficiency are requesting an effective legal tool for a secure separation between a beneficial interest and a management right over the same property. At the same time, there exists cases where personal desires in the disposition of property upon death, the management of property, inheritance of family property should be respected accordingly. The demand for an effective personal or family asset management tool in Vietnamese current legal framework has become more urgent than ever, rooting in a fact that existing legislation has not satisfied an emerging need in the daily lives of inhabitants even though global cases have proven trusts as a very efficient method to handle all relevant practical matters. This paper focuses on researching the possibilities of adopting trusts in Vietnam to settle family property management through an analysis of practical demands, major characteristics of trusts, and potential obstacles. Results have shown a high potential of introducing trusts into Vietnam as a result of the fact that the Viet Nam Civil Code 2015 implies an appropriate background for such an introduction. The introduction and adoption of trusts into the Vietnamese legal system will possibly offer enormous benefits to the country's civilians.</p> Thuy Bich LE ##submission.copyrightStatement## 2021-11-20 2021-11-20 6 1 2127 2132 10.32508/stdjelm.v6i1.833 title description none g The effect of the legal tradition on the law about public corporate governance - recommendations for Vietnam <p>Along with the process of integration and attracting international capital, the law about public corporate governance of Vietnam also includes the need to receive high standards of the regulations of other countries. However, to ensure the process of completing and exercising law enforcement effectively, helping to reduce enforcement costs for the corporation, the legal tradition of countries is a factor that needs to be considered adequately by the legal origin. The legal tradition has a profound influence on the reform and improvement of the country's modern legal system and is the source of the differences among countries' corporate governance legal systems. Legal traditions have a strong impact on investor protection mechanisms and corporate governance models. Within the scope of this article, the author generalizes the effects of legal traditions on the construction and consolidation of corporate governance laws of legal families in different countries. Simultaneously, the paper focuses on analyzing the case of Vietnam where there is a Civil legal tradition, but the corporate governance model is hybrid with the corporate governance model in countries with a Common law tradition. Consequently, the analysis shows the need to establish new values on the basis of legal traditions to modernize the law on public corporate governance in Vietnam. In addition, propose directions to improve the adjustment efficiency of Vietnam's public company governance law.</p> Chau Quoc An ##submission.copyrightStatement## 2021-12-25 2021-12-25 6 1 2220 2226 10.32508/stdjelm.v6i1.899 title description none g