VNUHCM Journal of Economics - Law and Management

The impact of bank-firm relationship on the performance of listed companies on the Vietnam stock market

Hoang Anh Nguyen — 2025-06-09

Nghiên cứu này phân tích ảnh hưởng của mối quan hệ giữa ngân hàng và doanh nghiệp đến hiệu quả hoạt động của các doanh nghiệp phi tài chính niêm yết tại Sàn giao dịch chứng khoán TP. HCM trong giai đoạn 2017-2022. Sử dụng phương pháp hồi quy tuyến tính cho dữ liệu bảng với phương pháp ước lượng phương pháp bình phương tối thiểu tổng quát khả thi (FGLS), nghiên cứu đã tìm thấy rằng mối liên hệ với ngân hàng có tác động cùng chiều đáng kể đến hiệu quả hoạt động của doanh nghiệp, đặc biệt đối với các doanh nghiệp có quy mô lớn và tỷ suất đầu tư cao. Nghiên cứu khuyến nghị các doanh nghiệp nên chú trọng phát triển và duy trì mối quan hệ chiến lược với ngân hàng để tối ưu hóa hiệu quả hoạt động và tăng cường khả năng tiếp cận vốn.

The effects of the european union’s environmental regulations on the trade flows between Vietnam and the European Union

Tran Quoc Trung — 2025-06-19

When environmental protection becomes a global trend, international trade must adapt. Developed countries tend to have stricter environmental protection regulations, which are considered as a big obstacle for goods from developing countries. This study examines the impacts of environmental regulations of the European Union countries on the trade flows between Vietnam and the European Union countries. Using a dataset of 297 observations across 27 European Uinon countries from 2013 to 2023, our regression results show that the European Uinon’s environmental regulations positively affect Vietnam's imports from the European Union. However, these environment protection regulations do not significantly impact Vietnam's exports to the European Union countries. These research findings imply that the Vietnamese government should provide Vietnamese firms with strong support in developing sustainable development strategies focusing on technological innovation and enhancement of production capability. In addition, the government should issue stricter and more enforceable regulations on environmental protection to create pressure on firms so that they have to improve their production, follow green production trends and enhance their competitive advantages in the global market. Moreover, Vietnamese firms should upgrade their production technology with green, clean, and energy-optimized solutions to ensure that their production process and products are in compliance with the European Union’s standards. Vietnamese firms may proactively expand their communications and search for financial aid from green investment funds or similar organizations supporting sustainable production to save costs on green production. Then, they should actively develop and advertise environmentally friendly products to the European Union’s consumers in order to meet the trend of sustainable consumption in this high purchasing power area.

ESG performance, GHG disclosure and firm performance of listed companies in Vietnam

Nguyen Thu Hien — 2025-06-23

The trend of global shifting toward sustainability increasingly recognises the importance of environmental, social, and governance (ESG) factors, among which reducing and disclosing greenhouse gas (GHG) emissions is a critical component of responsible corporate behaviour. This study examines the impacts of various sustainability activities on firm performance, highlighting the growing significance of ESG practices in driving business success. Specifically, we investigate the influence of ESG activities and GHG disclosure on firm performance in Vietnam, a developing economy where sustainability practices are beginning to emerge and gain traction. As businesses in Vietnam increasingly face pressure from stakeholders to demonstrate their commitment to sustainability, understanding the dynamics between these factors becomes essential. We also explore the relationship between ESG activities and GHG disclosure, recognising that effective communication of environmental impacts can enhance corporate accountability. Utilising an ESG score dataset constructed based on the methodology by Kinder, Lydenberg, Domini (KLD index) and a GHG disclosure dataset for listed firms over the period from 2018 to 2022, which includes 136 listed firms on the Vietnam stock markets, we employ various regression models, including OLS, FEM, REM, and GLS, to derive empirical results. Our findings indicate that firms engaged in proactive ESG practices are significantly more likely to disclose GHG emissions, suggesting a correlation between responsible actions and motivation in disclosure and transparency on GHG emissions of firms.

We also find that both ESG performance and GHG disclosure positively correlate with overall firm performance. This reinforces the idea that sustainability is not just a compliance issue, as suggested by legitimacy theory, but also a strategic advantage that can lead to profitable outcomes. Additionally, our findings support stakeholder theory and signaling theory, indicating that engaging in ESG practices and disclosing GHG emissions allows stakeholders to better understand a firm's operations, thereby fostering support for its activities. However, the results do not align with agency theory, which posits a conflict between shareholders and managers regarding ESG initiatives. Our research highlights practical implications for corporate leaders that a commitment to ESG and GHG transparency can enhance corporate reputation, position firms as sustainability leaders, and drive long-term success and resilience in an evolving global landscape.

Impacts of logistics on Vietnam’s exports: A stochastic frontier gravity analysis

Vu Le Huy — 2025-06-26

Over the past two decades, export-related activities have accounted for nearly half of Vietnam’s gross domestic product, pivotal in the country’s economic development and integration into the global trading system. Given the critical importance of exports to Vietnam’s economy, a substantial body of literature has examined various potential determinants of export performance. Among these, logistics is widely regarded as a key factor influencing trade outcomes. However, empirical studies investigating the relationship between logistics performance and Vietnam’s exports remain limited. Furthermore, existing research has primarily overlooked unobserved trade inefficiencies, which may significantly constrain export potential. This study addresses these gaps by applying a stochastic frontier gravity model, which enables the estimation of observable trade determinants while accounting for unobserved inefficiencies, to analyse the impact of logistics performance on Vietnam’s export flows. The model is estimated using the bilateral trade data between Vietnam and 159 importing countries from 2007 to 2022. A bilateral logistics variable is constructed using the World Bank’s Logistics Performance Index (LPI), reflecting the relative efficiency of logistics systems between Vietnam and its trading partners. The empirical results confirm the presence of significant export inefficiencies and demonstrate that improvements in logistics performance have a positive and statistically significant effect on actual and potential export values. Notably, the impact is more significant for potential exports, indicating substantial unrealised trade opportunities. These findings remain robust after controlling for time-specific external shocks and interpolating missing LPI data for intervening years. Addiionaly, by quantifying export efficiencies and emphasising the role of logistics, the study underscores the strategic importance of sustained investment in logistics infrastructure and the continued development of the logistics services sector to enhance Vietnam’s export performance.

Analysis of factors affecting farmers' satisfaction when applying digital technology in rice production in the Mekong Delta

Nhat Ho Bach — 2025-06-26

The purpose of this study is to identify factors that may influence farmer satisfaction with the application of digital technology in rice production in the Mekong Delta. The study proposes a research model on satisfaction with the application of digital technology in the agricultural sector, identifying the main components proposed by previous studies. The study tests the hypotheses through multiple regression analysis based on a survey of 400 farmers in the Mekong Delta region. The results show that there are seven components that significantly influence satisfaction, arranged in order from the strongest to the lowest influence; respectively, risk perception has the strongest impact, followed by technology trust, price perception, functional quality, reliability perception, technical quality, and finally service delivery method. This information helps digital technology service providers in the agricultural sector better understand the factors that satisfy the needs of farmers, thereby being able to adjust and improve the quality of services provided to increase satisfaction, contributing to the sustainable development of local agriculture.