SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION
(SEDBM-4)
PROCEEDINGS THE FOURTH INTERNATIONAL CONFERENCE ON
SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT
IN THE CONTEXT OF GLOBALISATION
(SEDBM-4)
FINANCIAL PUBLISHING HOUSE - 2021
V Dear Friends and Colleagues,
We are pleased to welcome you to the International Conference: “Sustainable economic development and business management in the context of globalisation” (SEDBM 4), which is jointly organized by Academy of Finance (Vietnam), Institute of Economics - Ho Chi Minh National Academy of Politics and University of Greenwich (United Kingdom).
As a result of Academy of Finance, Institute of Economics - Ho Chi Minh National Academy of Politics and University of Greenwich’s close collaboration with international partners, the International Conference SEDBM 4 brings together the world- leading experts in finance, accounting, audit, economic and business administration, serving as a point of convergence for researchers, practitioners and policy-makers to meet, share and exchange their ideas. The International Conference SEDBM 4 will strive to offer not only plenty of networking opportunities, providing you with the opportunity to interact with the leading researchers from both academia and universities, but also an environment to engage in stimulating discussions about research topics and practices. We are especially honoured to have:
Dr. John Bruce Wells - Deloitte’s Chief of Party for the US Agency for International Development (USAID) Vietnam Low Emission Energy Program II (V-LEEP II)
Prof.Dr. Su Dinh Thanh - Principal of University of Economics Ho Chi Minh City.
We are indebted to members of the Organizing Committee particularly, Professor. Nguyen Trong Co (President of Academy of Finance, Vietnam), for their support to make this International Conference a great success.
We wish you all an intellectually stimulating and productive conference!
On behalf of the Organizing Committee,
National Teacher. Assoc. Prof. Nguyen Trong Co
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The Academy of Finance (AOF) is a a public and research-oriented university, subordinated to the Ministry of Finance, Vietnam. The AOF was officially established under Decision No 120/2001/ QD-TTg dated August 17th, 2001 of the Prime Minister by integrating the Hanoi University of Finance and Accounting (founded in 1963), the Finance Research Institution (founded in 1961) and the Financial Training Center (founded in 1995). The main site of the Academy of Finance is located in Hanoi.
The mission of Academy of Finance is to provide expertise in research and training of professional finance and accounting to the society, the mission has been defined for our 55-year history with outstanding achievements and contributions branded by our lecturers, researchers and students. The AOF established self-evaluation council since 2006 according to regulations of MOET Vietnam. This council significantly helped improve the academic performance, and in April 2016, AOF was accredited by Center for Education Accreditation (CEA) – Association of Vietnam Universities and Colleges (AVUC). The accreditation result was published according to the Decision 10/QD-KDCLGD dated February 20th, 2017 of AVUC ranking AOF in top 5 best universities in Vietnam. The Academy of Finance offer a high quality of training and research through14 faculties: Fundamental Sciences, Political theories, Public Finance, Tax and Customs, Corporate Finance, Banking and Insurance, International Finance, Accounting, Business administration, economic Information. Languages, Economics, Master and Doctoral training, Part-time training, two centers: Center for Languages and Informatics Training, Information Technology Center, 2 research institutes: Institute for International Finance Education (IIFE) and Institute of Economics and Finance and 13 support divisions.
AOF offers a rich training programs included ordinary undergraduate/graduate programs spread in 06 academic majors: Finance and Banking, Accounting and Auditing, Business Administration, Management Information, Economic and Financial English, Economics. The AOF also offer to international and
Vietnamese students with different choices partially/totally taught in English such as High Advanced Program or Dual Degree Programme (DDP - a Joint Training Progamme between the Academy of Finance (Institute of International Finance Education) and the University of Greenwich (UK). Throughout its history, AOF’s qualified scientists and lecturers have been supporting more than 85,000 students including 5,000 masters and 300 doctors and additionally 500 international students for Laos and Cambodia in the last 55 years. Significantly, a large number of AOF’s graduates are leaders of the Government, ministries, local authorities and businesses. The academy has also been recognized for conducting thousands of valuable research projects for the policy makers in economic development of the State. The rich tradition and custom makes AOF unique among the other universities and colleges in Vietnam and attracts thousands of learners to study at the academy annually.
The valuable contributions of AOF to the development of the State in training and doing research has been respected publicly, the academy has been recognized with national unique awards.
Many AOF alumni are key people in the Government and Local Administrations. In the process of globalization and the advent of the Industry 4.0, the AOF Management Board sets out following major development directions:
- Intensively develop training and research performance, maximize the core values to adapt to the emerging demands of the intellectual economy and the Industry 4.0.
- Diversify training courses, renovate academic management measures, improve the professional capacity, and improve self-study spirit with creativity and experience.
- Improve the research capacity in the manner that harmonizes fundamental studies with applied studies. Actively and comprehensively integrate into regionalization and globalization process regarding training, capacity building and research activities.
- Conduct academic management reform in close relation with financial autonomy and social accountability, create a new academic environment with high openness, creativity and internationalism, continuously attract excellent staffs and scholars to work and do research at AOF.
IX
The University of Greenwich is a public and research-oriented university located in London, in the United Kingdom. It has three campuses in London and Kent, England. These are located at Greenwich, in the grounds of the Old Royal Naval College, and in Avery Hill and Medway. Previous names include Woolwich Polytechnic and Thames Polytechnic.
The university’s range of subjects includes architecture, business, computing, mathematics, education, engineering, humanities, maritime studies, natural sciences, pharmacy and social sciences.
The university dates back to November 1891, when Woolwich Polytechnic, the second-oldest polytechnic in the United Kingdom, opened in Woolwich. In 1970, Woolwich Polytechnic merged with part of Hammersmith College of Art and Building to form Thames Polytechnic. In the following years, Dartford College (1976), Avery Hill College (1985), Garnett College (1987) and parts of Goldsmiths College and the City of London College (1988) were incorporated.
In 1992, Thames Polytechnic was granted university status by the UK government (together with various other polytechnics) and renamed University of Greenwich in 1993. In 2001, the university gave up its historic main campus in the Bathway Quarter in Woolwich, relocating to its current main campus in Greenwich, a UNESCO World Heritage site on the banks of the River Thames, and close to the financial centres of the City and Canary Wharf. The location is genuinely unique combining the advantages of such a beautiful and historic setting with being 15 minutes by light rail from the centre of London.
The campus is home to the Business School and the Faculty of Liberal Arts and Sciences. The campus also includes university’s Greenwich Maritime Institute, a specialist maritime management, policy and history teaching and research institute.
The Business School at the University of Greenwich combines strengths in teaching and research with an emphasis on equipping our students with the practical knowledge and skills sought by employers. It offers a compre-hensive range of high-quality undergraduate degrees through five departments: Accounting
& Finance; International Business & Economics; Human Resources & Organisational Behaviour; Marketing, Events & Tourism; Systems Management & Strategy. Many of the programmes are accredited by key UK professional bodies and course content is constantly revised to reflect cur- rent business priorities and the demands of employers.
The campus has a large library at Stockwell Street in the centre of Greenwich which houses an extensive collection of books and journals, language labs and a 300-PC computing facility. Other facilities include specialist computer laboratories including one at Dreadnought centre, a TV studio and editing suites. The Stephen Lawrence Gallery at the Stockwell Street building, showcases the work of contemporary artists and is linked to the Department for Creative Arts.
XI
Party of Vietnam. The Academy has four Sub-academies in across Vietnam and the Academy of journalism and propaganda with nearly 2,200 employees.
Since its initial foundation as a Party school under the name of Nguyen Ai Quoc, the Ho Chi Minh National Academy of Politics has gone through its 68 years of development.
As the subordinate organization of both the Central Executive Committee of the Vietnam Communist Party and the Government, subjected to ongoing and direct leadership of the Politburo and the Secretariat, Ho Chi Minh National Academy of Politics has made significant contribution to the Party’s cause of cadre training and theoretical research, the revolutionary cause of national liberation and the construction and protection of the Socialist Republic of Vietnam.
The development of the Academy has always been closely linked to the revolutionary cause of the Party and the People. Over the years, consistent with the strategic goals and missions, the Ho Chi Minh National Academy of Politics has always been in line with its strategic missions and goals, fulfilled the political tasks assigned by the Party, the State and the People. The Academy has always held onto and taken the lead in the political, ideological and theoretical fronts, thus protecting the core values of Marxism, Leninism, Ho Chi Minh Thought and guidelines of the Party. Generations of the Academy’s graduates have well performed their job in different fields of politics, economy, society, culture, external affairs, security and national defence, etc. Many of them are holding key positions in the political system of the country. During its history, the Academy has made great contributed to the personnel training and theoretical research of the Party, served the revolution for national liberation, construction socialism and protected the Socialist Republic of Vietnam. In the 21st century - the century of globalization, information and knowledge sharing and intellectual integration has intensified the demand for training the leaders, managers and strategic cadres for the Party and State; central and local organizations and institutions. This is both the challenge and opportunity for the Academy to continue its mission in academic and scientific affairs, building on the history and traditions and contributing to the glorious cause of the Party and the nation.
Institute of Economics, Ho Chi Minh National Academy of Politics was founded in 1960 and has been in charge of providing courses of economic development and economic management to high-ranking officials in the political system of Vietnam. The Institute also has Master and Ph.D.
programs in economic development and economic management. Currently, the Institute has about 38 employees, including 11 associate professors, 11 Doctors of Economics, 14 masters and 2 bachelors. The Institute and its faculties have published hundreds of books and articles in national and international journals.
XIII
PRESIDENT OF THE ACADEMY OF FINANCE
National teacher. Assoc. Prof. Nguyen Trong Co is the President of the Academy of Finance. He has been working for the Academy of Finance since he was young and played different roles as Lecturer, Head of Financial Analysis Department, Deputy Head of Human Resources Department before becoming Vice President of the Academy of Finance. He was nominated as the President of Academy of Finance in 2014 and has been in that position so far.
He is the Editor of the Journal of Finance and Accounting Research and serves the Scientific Board of
Finance Research Sector as Vice President and a member of Scientific Board of Banking Research Sector.
He was also nominated as honor member of FCPA Australia.
Assoc. Prof. Nguyen Trong Co is the author/coauthor of more than 21 valuable text books and supplementary materials such as “Financial Analysis”, Finance Publishing House, 2017, “Auditing management and Usage of mineral resources for sustainable development in Viet Nam”, Finance Publishing House, 2016 and etc.
He has researched actively with more than 20 research projects spread on different fields:
Corporate Finance and public finance, and Technological Markets. In the Academy of Finance, he has published more than 70 articles in both local journals and international journals.
XV
DR. NICK HAND
DIRECTOR OF PARTNERSHIPS AND INTERNATIONAL IN THE UNIVERSITY OF GREENWICH BUSINESS SCHOOL
Nick Hand qualified with the ACCA in 1993, holds a Masters degree in Operational Research and is a Senior Fellow of the Higher Education Academy.
Nick is Director of Partnerships and International in the University of Greenwich Business School.
He was previously the Head of Department of Accounting and subsequently spent six years posted overseas, based in China, developing the Business School’s international partnerships. He has substantial experience in the development of academic programmes both at the UK campus and at partner institutions internationally and particular in the South-East/East Asia region. Nick’s research interests are in the areas of efficiency measurement and his publications are mainly in this area and particularly in the area of the application of mathematical models of measuring bank efficiency.
XVII
DIRECTOR OF THE INSTITUTE OF ECONOMICS, HO CHI MINH ACADEMY OF POLITICS
Assoc Prof, Dr. Bui Van Huyen is Director of the Institute of Economics, Ho Chi Minh Academy of Politics. He serves as a member of Central Theoretical Council. He has been in the profession of lecturing and doing research in the field of economics for 25 years at the Institute of Economics and other institutions.
He has expertise and experience in teaching and doing research on economic management and economic institutions. He is the author or co-author of more than ten books and textbooks and has published more than 50 articles in national and international economic journals.
XIX
DR. JOHN BRUCE WELLS
Dr. John Bruce Wells is Deloitte’s Chief of Party for the US Agency for International Development (USAID) Vietnam Low Emission Energy Program II (V-LEEP II) that helps assess and implement policies that accelerate deployment of solutions that promote clean energy in Vietnam.
Prior to serving USAID on several programs in Asia, he was a Partner with ERM Indonesia, the President of Citizens International, and the Director of Private Sector Initiatives for Chemonics.
In these roles he helped global companies such as BP, Exxon Mobil and Vale meet their corporate sustainability commitments in developing country operations. He was also founder and President of The Bruce Company, a two-time Inc. 500 firm that helped launch premier partnerships such as Energy Star; and helped launch the U.S. Green Building Council which operates the LEED building certification program.
XXI
PROF.DR. SU DINH THANH
Prof.Dr. Su Dinh Thanh - Principal of University of Economics Ho Chi Minh City Former Editor-in-Chief of the Journal of Asian Business and Econonomic Studies (JABES)
Mr. Su has over 30 years of teaching and research experience in finance and banking. Recently, Mr. Su has a significant contribution to developing JABES as a Vietnam’s first international journal, which is published on Emerald.
He has been serving academies and universities, and giving lectures and seminars to several universities, and invited by many universities to present papers or conduct seminars. He is the chairman of international conference ACBES (UEH) in 2018, 2019 and 2020. He has published 10 books and published more than one hundred papers including papers published in Economic Analysis and Policy, Research in International Business and Finance, International Economics, Annals of Public and Cooperative Economics, Centre of Sociological Research, Finance Research Letters, Climate and Development, International Journal of Energy Economics and Policy, Theoretical Economics Letters, Journal of Chinese Economic and Business Studies, Review of development finance, International Journal of Energy Economics and Policy, Economic Systems, Journal of Economic Development.
XXIII
No. Name Title Responsibility
1 Assoc. Prof. Dr. Nguyen Trong Co Director of Academy of Finance Chairman
2 Assoc. Prof. Dr. Truong Thi Thuy Deputy Director of Academy of Finance Deputy Chairman 3 Assoc. Prof. Dr. Nguyen Vu Viet Deputy Director of Academy of Finance Deputy Chairman
4 Dr. Nguyen Dao Tung Deputy Director of Academy of Finance Deputy Chairman
5 Assoc. Prof. Dr. Bui Van Huyen Director of the Institute of Economics - Ho Chi Minh National Academy of Politics
Deputy Chairman 6 Assoc. Prof. Dr. Ngo Thanh Hoang Head of Scientific Management, Academy of Finance Commissioner
2. ORGANIZATION BOARD
No. Name Title Responsibility
1 Assoc. Prof. Dr. Truong Thi Thuy Deputy Director of Academy of Finance Chairman
2 Dr. Nguyen Dao Tung Deputy Director of Academy of Finance Deputy Chairman
3 Assoc. Prof. Dr. Ngo Thanh Hoang Head of Scientific Management, Academy of Finance Commissioner 4 Dr. Nicholas Hand Director of International Affairs for the Business Faculty,
Greenwich University (UK)
Commissioner
5 Assoc. Prof. Dr. Nguyen Ngoc Toan Deputy Director of the Institute of Economics - Ho Chi Minh National Academy of Politics
Commissioner
6 Dr. Do Tat Cuong Main lecturer of the Institute of Economics - Ho Chi Minh National Academy of Politics
Commissioner 7 Assoc. Prof. Dr. Chuc Anh Tu Head of the International Affairs, Academy of Finance Commissioner 8 Dr. Nguyen Thi Thuy Nga Deputy Head of Scientific Management, Academy of Finance Commissioner 9 Assoc. Prof. Dr. Nguyen Manh Thieu Head of Human Resources, Academy of Finance Commissioner 10 MSc. Nguyen Le Mai In charge of Finance and Accounting department, Academy of Finance Commissioner 11 Assoc. Prof. Dr. Nguyen Le Cuong Chief of staff, Academy of Finance Commissioner 12 Dr. Trinh Thanh Huyen Deputy Director of Institute of International Finance Education,
Academy of Finance
Commissioner 13 Assoc. Prof. Dr. Nguyen Xuan Thach Head of Education Management, Academy of Finance Commissioner 14 Assoc. Prof. Dr. Nguyen Trong Than Head of Postgraduate Faculty, Academy of Finance Commissioner 15 Assoc. Prof. Dr. Pham Ngoc Dung Dean of Public Finance Faculty, Academy of Finance Commissioner 16 Assoc. Prof. Dr. Le Xuan Truong Dean of Custom and Tax Faculty, Academy of Finance Commissioner 17 Assoc. Prof. Dr. Mai Ngoc Anh Dean of Accounting Faculty, Academy of Finance Commissioner 18 Assoc. Prof. Dr. Dao Thi Minh Thanh Dean of Business Administration Faculty, Academy of Finance Commissioner 19 Assoc. Prof. Dr. Vu Van Ninh Dean of Corporate Finance Faculty, Academy of Finance Commissioner 20 Assoc. Prof. Dr. Nguyen Van Dan Dean of Economic Faculty, Academy of Finance Commissioner 21 Assoc. Prof. Dr. Vu Duy Vinh Acting Dean of International Finance Faculty, Academy of Finance Commissioner 22 Assoc. Prof. Dr. Doan Minh Phung Dean of Insurance and Banking Faculty, Academy of Finance Commissioner 23 Dr. Luu Huu Duc Dean of Office of Student Affairs, Academy of Finance Commissioner
24 Dr. Luong Quang Hien Associate Dean of Office of Party Committee Commissioner
25 MSc. Pham Minh Ngoc Ha Associate Dean of Economic Information System Faculty, Academy of Finance
Commissioner
26 Dr. Pham Quynh Trang Political Theory Faculty, Academy of Finance Member
27 MSc. Ngo Vut Bong Deputy Director of Information Centre, Academy of Finance Commissioner
3. EDITORIAL BOARD
No. Name Title Responsibility
1 Assoc. Prof. Dr. Nguyen Trong Co Director of Academy of Finance Chairman
2 Assoc. Prof. Dr. Truong Thi Thuy Deputy Director of Academy of Finance Deputy Chairman 3 Assoc. Prof. Dr. Nguyen Vu Viet Deputy Director of Academy of Finance Deputy Chairman
4 Dr. Nguyen Dao Tung Deputy Director of Academy of Finance Deputy Chairman
5 Assoc. Prof. Dr. Bui Van Huyen Director of the Institute of Economics - Ho Chi Minh National Academy
of Politics Deputy Chairman
6 Assoc. Prof. Dr. Ngo Thanh Hoang Head of Scientific Management, Academy of Finance Deputy Chairman 7 Dr. John Bruce Wells United States Agency for International Development (USAID) Commissioner 8 Assoc. Prof. Dr. Simone Domenico
Scagnelli
Associate Dean Accounting and Finance in School of Business and Law, Edith Cowan University, Perth, Australia
Commissioner
9 Assoc. Prof. Dr. Farhad Taghizadeh- Hesary Tokai University, Japan Commissioner
10 Prof. Dr. Su Dinh Thanh Principal of University of Economics Ho Chi Minh City Commissioner 11 Dr. Do Tat Cuong Main lecturer of the Institute of Economics - Ho Chi Minh National
Academy of Politics
Commissioner 12 MSc. Le Thach Anh Institute of Economics - Ho Chi Minh National Academy of Politics Commissioner 13 MSc. Le Quynh Trang Institute of Economics - Ho Chi Minh National Academy of Politics Commissioner 14 Dr. Nguyen Thi Thuy Nga Deputy Head of Scientific Management, Academy of Finance Commissioner 15 Assoc. Prof. Dr. Chuc Anh Tu Head of the International Affairs, Academy of Finance Commissioner
16 Assoc. Prof. Dr. Nguyen Le Cuong Chief of staff, Academy of Finance Commissioner
17 Assoc. Prof. Dr. Le Xuan Truong Dean of Custom and Tax Faculty, Academy of Finance Commissioner 18 Assoc. Prof. Dr. Ly Phuong Duyen Custom and Tax Faculty, Academy of Finance Commissioner 19 MSc. Nguyen Thuy Trang Custom and Tax Faculty, Academy of Finance Commissioner 20 Assoc. Prof. Dr. Mai Ngoc Anh Dean of Accounting Faculty, Academy of Finance Commissioner
21 Dr. Nguyen Thi Hong Van Accounting Faculty, Academy of Finance Commissioner
22 Dr. Nguyen Thi Phuong Tuyen Accounting Faculty, Academy of Finance Commissioner
23 MSc. Nguyen Ba Linh Accounting Faculty, Academy of Finance Commissioner
24 Dr. Ngo Nhu Vinh Accounting Faculty, Academy of Finance Commissioner
25 Dr. Nguyen Minh Thanh Accounting Faculty, Academy of Finance Commissioner
26 MSc. Nguyen Thi Van Anh Business Administration Faculty, Academy of Finance Commissioner 27 MSc. Hoang Thi Hong Hanh Business Administration Faculty, Academy of Finance Commissioner
28 Dr. Phung Thu Ha Public Finance Faculty, Academy of Finance Commissioner
29 Dr. Nguyen Anh Quang Public Finance Faculty, Academy of Finance Commissioner
30 Assoc. Prof. Dr. Pham Thanh Hoa Corporate Finance Faculty, Academy of Finance Commissioner 31 Dr. Nguyen Truong Giang Corporate Finance Faculty, Academy of Finance Commissioner
32 Dr. Bui Hà Linh Corporate Finance Faculty, Academy of Finance Commissioner
33 Dr. Ngo Kim Hoa Corporate Finance Faculty, Academy of Finance Commissioner
34 MSc. Nguyen Huu Tan Corporate Finance Faculty, Academy of Finance Commissioner
35 MSc. Pham Thi Lan Phuong Head of Foreign Language Faculty, Academy of Finance Commissioner 36 Dr. Nguyen Thi Thuy Trang Foreign Language Faculty, Academy of Finance Commissioner
37 Dr. Ta Dinh Hoa Foreign Language Faculty, Academy of Finance Commissioner
38 MSc. Ha Tuan Vinh International Affairs Department, Academy of Finance Commissioner 39 MSc. Mai Thi Lan Anh Scientific Management Department, Academy of Finance Commissioner 40 Dr. Nguyen Hong Chinh Scientific Management Department, Academy of Finance Commissioner 41 MSc. Nguyen Thi Thanh Huyen Scientific Management Department, Academy of Finance Commissioner
XXV INTRODUCTORY REMARKOF THE 4TH INTERNATIONAL CONFERENCE ON SUSTAINABLE ECONOMIC DEVELOPMENT
AND BUSINESS DEVELOPMENT IN THE CONTEXT OF GLOBALIZATION (SEDBM 4) ...1 1. BANKING SECTOR AND ECONOMIC GROWTH – WHICH HYPOTHESIS IS VERIFIED IN VIETNAM?
Nguyen Ngoc Truong, PhD. Tran Thanh Thu, MA. Vu Duc Kien, PhD. Nguyen Thi Bao Hien, MA. Nguyen Minh Tuan ...3 2. THE AUTONOMY OF PUBLIC MUSEUMS AS SEEN FROM STAKEHOLDER THEORY
Ass. Prof. Dr. Nguyen Trong Co, PhD. Phung Thanh Loan ...17 3. INNOVATION IN THOUGHT AND VISION: CREATING A RESOURCE FOR NATIONAL SOCIO-ECONOMIC DEVELOPMENT
IN THE PERIOD OF 2021 – 2030
Assoc. Prof. PhD. Hoang Phuc Lam ...24 4. MEASURING THE NON-LINEARITY OF CALORIE – INCOME RELATIONSHIP: AN INTERNATIONAL PERSPECTIVE
PhD. Do Tat Cuong, Assoc. Prof. Dr. Nguyen Vu Viet ...32 5. WHAT AFFECT FIRMS’ BRIBERY? AN EMPIRICAL ANALYSIS OF SMALL AND MEDIUM FIRMS IN VIETNAM
Assoc. Prof. Nguyen Ngoc Toan ...46 6. PRESENTATION OF DEFERRED INCOME TAX INFORMATION ON
FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL PRACTICE
Dr. Do Minh Thoa ...55 7. SOLUTION TO BALANCE THE TRADE BALANCE OF VIETNAM WITH KOREA
Assoc. Prof. Dr. Nguyen Tien Thuan ...73 8. IMPACT OF HUMAN CAPITAL TO VIETNAM’S ECONOMIC DEVELOPMENT
Assoc.,Prof. Dr.Nguyen Thi Ha, Ta Bich Phuong, Nguyen Thai Ha Thuong ...83 9. CREDIT POLICY CONTRIBUTES TO ECONOMIC DEVELOPMENT AND SUSTAINABLE BUSINESS IN VIETNAM
Assoc. Prof. Dr. Ha Minh Son ...91 10. FACTORS AFFECTING FOREIGN DIRECT INVESTMENT ATTRACTION IN NGHE AN PROVINCE
PhD student. Banh Thi Thao ...98 11. VIETNAM HUMAN RESOURCE IN INDUSTRIAL REVOLUTION 4.0
PhD. Tran Phuong Anh, PhD. Nguyen Thi Thuy Nga, PhD. Luong Quang Hien ... 109 12. EXTRACTION RATE OF MINERAL RESOURCES FOR SUSTAINABLE DEVELOPMENT
PhD. Nguyen Thi Thuy Huong, MA. Nguyen Thanh Huyen ... 115 13. FINANCING CLIMATE CHANGE ADAPTATION: INTERNATIONAL LESSONS
PhD. Pham Thi Hoang Phuong, PhD. Phung Thu Ha ... 123 14. THE ROLE OF THE STATE IN THE HARMONIOUS SETTLEMENT OF
ECONOMIC INTERESTS IN THE SOCIALIST-ORIENTED MARKET ECONOMY IN VIETNAM TODAY
Master Hoang Thi Hong Hanh, PhD. Nguyen Chi Thien ... 134 15. AUDIT AND ASSURANCE SERVICE FOR CORPORATE SOCIAL RESPONSIBILITY REPORT OF COMPANY IN VIETNAM:
FROM THEORY TO PRACTICE
PhD.Dinh Thi Thu Ha, PhD.Nguyen Dang Thuan, PhD.Nguyen Phi Hung ... 144
16. DETERMINANTS OF DIVIDEND PAYOUT DECISIONS – PUBLICLY
LISTED TRANSPORTATION CONSTRUCTION ENTERPRISES OPERATING IN VIETNAM MARKET
MSc. Nguyen Thi Thuy Dung ... 154 17. IMPACT OF EPS ON MARKET PRICES AND MARKET RATIOS IN TRANSPORTATION CONSTRUCTION COMPANIES IN VIETNAM
Assoc. Prof. Vu Van Ninh, MSc. Nguyen Thi Thuy Dung, MA. Vu Van Khien... 161 18. CENTRAL BANK DIGITAL CURRENCY – THE ROADMAP FROM THEORY TO PRACTICE
PhD. Ngo Duc Tien ... 168 19. THE IMPACT OF COVID-19 ON VIETNAMESE FEMALE LABOUR: FROM SOCIAL ECONOMIC PERSPECTIVE AND POLICY
RECOMMENDATIONS
PhD. Tran Phuong Thuy ... 180 20. ANALYSIS OF MACRO FACTORS AFFECTING THE PROMOTION OF VIETNAM’S DIRECT INVESTMENT INTO ASEAN COUNTRIES
Associate Professor. Dr. Nguyen Trong Than, PhD. student Dao Duy Thuan ... 187 21. GOVERNMENT SUPPORTS AND CSR PRACTICE: A LITERATURE REVIEW AND PROPOSED RESEARCH IDEA FOR VIETNAMESE SMES
Assoc. Prof. Dr. Mai Ngoc Anh1, PhD. Nguyen Minh Thanh ... 199 22. INTERNAL FACTORS IMPACT ON THE QUALITY OF FINANCIAL STATEMENTS OF LISTED COMPANIES IN VIETNAM
MSc. Tran Thi Nguyet Nga ... 210 23. FINTECH AND SUSTAINABLE DEVELOPMENT OF VIETNAM’S FINANCIAL MARKET IN THE CONTEXT OF COVID-19
MSc. Thanh Huyen Bui ... 222 24. SOME SOLUTIONS FOR SUSTAINABLE REAL ESTATE MARKET DEVELOPMENT
PhD. Vuong Minh Phuong ... 233 25. SOLUTIONS TO ENHANCE ACCOUNTING MANAGEMENT, CONTRIBUTING
TO STRENGTHENING INTERNAL CONTROL VIA ECONOMETRIC MODEL - A CASE IN LAF, VIETNAM
PhD. Hoang Thanh Hanh ... 241 26. LEASE ACCOUNTING UNDER IFRS 16 IN VIET NAM
Dr. Bui Thi Hang ... 253 27. THE DEVELOPMENT OF GREEN CREDIT AT COMMERCIAL BANKS IN VIET NAM
PhD. Tran Thi Lan, PhD. Hoang Thi Bich Ha ... 259 28. GREEN CONSUMPTION IN THE CONTEXT OF COVID-19 IN VIETNAM
MSc. Tran Thi Hien ... 266 29. FISCAL POLICIES SUPPORTING GREEN GROWTH IN VIETNAM ISSUES POSED
Dr. Nguyen Thi Thanh ... 278 30. STATE MANAGEMENT OF THE ECONOMY DECENTRALIZATION: FACTORS AFFECTING AND REQUIREMENTS IN VIETNAM
Postgraduate. Do Van Hai ... 283 31. TAX MANAGEMENT IN THE SHARING ECONOMIC MODEL IN VIETNAM
Assoc. Prof. Dr. Vuong Thi Thu Hien, Post-graduate. Mai Son, Post-graduate. Pham Xuan Thang ... 292 32. THE IMPACT OF MACROECONOMIC FACTORS ON THE VIETNAM’S STOCK MARKET
Assoc. Prof. Dr. Pham Thi Thanh Hoa, Ta Ngoc Duc ... 303 33. FACTORS AFFECTING SUSTAINABLE GROWTH OF PLASTIC BUSINESSES IN VIETNAM
MSc. Tran Phuong Thao ... 319 34. PROMOTING EXPORTS OF HANOI CITY IN THE CONTEXT OF IMPLEMENTATING NEW-GENERATION FREE TRADE AGREEMENTS
Associate professor. Doctor. Vu Duy Vinh, Master. Tran Thi Thu Nga ... 330 35. ASSESSMENT OF THE SITUATION OF THE GREEN ECONOMY IN VIETNAM
MA. Nguyen Tien Duc, MA. Nguyen Thi Mai Phuong ... 339
36. LAW ON PROPERTY TAX IN VIETNAM WITH THE ECONOMIC DEVELOPMENT
Associate professor. Dr. Le Thi Thanh ... 346 37. ENHANCE THE ROLE OF THE CENTRAL BUDGET IN VIETNAM’S STATE BUDGET SYSTEM
PhD. Pham Thi Thanh Van ... 355 38. THE ROLE OF GOVERNMENT MANAGEMENT IN SUSTAINABLE DEVELOPMENT OF REAL ESTATE COMPANIES IN VIETNAM
Dr. Nguyen Ho Phi Ha, MA. Vu Thi Phuong ... 365 39. MOBILIZING INVESTMENT CAPITAL FOR HUMAN RESOURCES FOR TOURISM DEVELOPMENT IN NGHE AN PROVINCE
M. Fin. Nguyen Thanh Huyen ... 374 40. INTERNATIONAL EXPERIENCES ON LAND PRICE POLICY AND LESSONS LEARNED FOR VIETNAM
PhD. Tran Thi Thanh Ha, MA. Lam Thi Thanh Huyen, Assoc. Prof. Dr. Vu Van Ninh ... 380 41. HOA PHAT GROUP’S OPERATIONS IN THE CONTEXT OF GLOBALIZATION
Dr. Pham Thi Quyen, MA. Nguyen Huu Tan ... 387 42. THE GLOBAL REPORTING INITIATIVE STANDARDS FOR SUSTAINABILITY DISCLOSURE
Assoc. Prof. Dr. Ngo Thi Thu Hong, MA. Le Thi Yen Oanh ... 395 43. VIETNAMESES ACCOUNTING SYSTEM DEVELOPMENT IN THE CONTEXT OF INTERNATIONAL INTEGRATION
Dr. Tran Hai Long , Dr. Ngo Van Luong... 403 44. ACTIVITIES OF CONSTRUCTION INDUSTRY SECTOR IN VIETNAM IN THE CONTEXT OF GLOBALISATION
MSc. Nguyen Thu Thuong ... 410 45. IMPACTS OF CLIMATE CHANGE ON VIETNAM’S ECONOMY
PhD. Bui Tien Hanh, PhD. Le Thi Dan Dung ... 415 46. FACTORS THAT INFLUENCE THE QUALITY OF ACCOUNTING INFORMATION SYSTEM IN VIETNAM MANUFACTURING ENTERPRISES
PhD. Dang Thu Hang, PhD. Nguyen Thi Thuan ... 421 47. FINANCIAL AUTONOMY IN PUBLIC HIGH SCHOOLS IN CAO BANG PROVINCE – SITUATION AND POLICY RECOMMENDATIONS
Dr. Nguyen Dao Tung, Ass. Prof. Dr. Nguyen Manh Thieu, MA. Ngo Thi Thuy Quyen ... 434 48. FINANCIAL AUTONOMY IN PUBLIC HEALTHCARE ENTITIES IN CAO BANG PROVINCE
Ass. Prof. Dr. Ngo Thanh Hoang; Ass. Prof. Dr. Nguyen Xuan Thach, Dr. Hy Hai Yen; MA. Pham Thanh Ha ... 443 49. HUMAN RESOURCE RISK MANAGEMENT IN PRINTING ENTERPRISES
PhD. Dao Thi Huong, PhD. Nguyen The Anh, PhD. Cao Minh Tien ... 452 50. ATTRACTING FOREIGN INVESTMENT CAPITAL INTO VIETNAM IN THE CURRENT CONTEXT OF INTERNATIONAL
INTEGRATION AND THE COVID-19 PANDEMIC
MAc. Nguyen Phu Tuan Anh ... 466 51. SOLUTIONS TO PROMOTE THE NIGHT-TIME ECONOMY IN VIETNAM
Assoc. Prof. Dr. Pham Tien Hung,Dr. Nguyen Thi Thanh Phuong, MBA. Pham Thi Xinh ... 475 52. MANAGEMENT FOR ACTIVITY-BASED COSTING FOR MANUFACTURING ENTERPRISES
Assoc. Prof. PhD. Tran Quoc Thinh, MFB. Le Xuan Thuy ... 484 53. PUBLIC INVESTMENT TOWARDS GREEN GROWTH AND SUSTAINABLE DEVELOPMENT
Dr. Pham Thai Ha... 488 54. ENHANCING LINKAGES AND COLLABORATIONS BETWEEN LOCALITIES IN THE RED RIVER DELTA IN ORDER TO
ATTRACT FOREIGN DIRECT INVESTMENT
MSc. Trieu Van Huan, MSc. Tran Thi Phuong Thao... 499 55. FACTORS AFFECTING THE APPLICATION OF MANAGERIAL ACCOUNTING IN VIETNAMESE SMALL AND MEDIUM
SIZED ENTERPRISES
PhD. Pham Hoai Nam, MA. Nguyen Thi Binh ... 514
56. ENHANCING RETAIL INDUSTRY PERFORMANCE TO MEET DIGITAL TRANSFORMATION REQUIREMENTS
MSc. Tran Thi Nguyet Nga, MSc. Nguyen Thu Hien ... 524 57. IMPROVING THE EFFICIENCY OF FINANCIAL MANAGEMENT OF LOCAL PUBLIC UNIVERSITIES
PhD.Student. Le Duc Dat ... 534 58. EXPANDING TAX BASE IN VIETNAM
Post-Graduate. Le Manh Thang ... 541 59. ADVANTAGES AND DIFFICULTIES IN APPLYING PERFORMANCE MEASUREMENT SYSTEM IN ENTERPRIES IN VIETNAM
MA. Hoang Thi Kim Ung ... 552 60. REVIEWING THE ROAD OF INNOVATION IN ECONOMIC GROWTH MODEL IN VIETNAM
Dr. Hoang Thi Bich Loan ... 558 61. DEVELOPMENT OF THE DIGITAL ECONOMY IN VIETNAM IN THE CONTEXT OF INDUSTRIAL REVOLUTION 4.0
PhD. Le Thi Hong Nhung, BBA. Nguyen Manh Chien, MA. Vu Thi Hong Tham ... 572 62. SOME RECOMMENDATIONS ON THE CHOICES OF BROADENING THE EXCISE DUTY BASE IN VIETNAM
Assoc. PhD. Le Xuan Truong, PhD. Nguyen Dinh Chien, PhD. Nguyen Hoang Tuan, MSCs. Nguyen Thuy Trang ... 579 63. THE RELATIONSHIP BETWEEN ECONOMIC GROWTH AND CULTURAL DEVELOPMENT DURING THE FOURTH INDUSTRIAL
REVOLUTION
PhD. Nguyen Ngoc Anh, PhD. Ho Thi Ha ... 591 64. FACTOR AFECTING CONSUMER BUYING BEHAVIOR IN THE CONTEXT OF COVID 19
PhD. Nguyen Thi Nhung, MA. Nguyen Linh Phuong, PhD. Nguyen Thi Phuong Ngoc ... 599 65. MEASURES TO PREVENT ILLEGAL USE OF INVOICES AND USE OF ILLEGAL INVOICES
PhD candidate. Truong Thi Thu Ha ... 609 66. POLICY TO ATTRACT SUSTAINABLE FDI IN VIETNAM IN THE CURRENT CONTEXT
MA. Le Nhu Quynh ... 617 67. PROMOTE FAST AND SUSTAINABLE DIGITAL ECONOMIC DEVELOPMENT IN VIETNAM - CHALLENGES AND SOLUTIONS
MA. Bui Xuan Hoa, BBA. Nguyen Thi Ngoc Oanh, BBA. Dinh Dieu Linh ... 631 68. THE URBANISATION FOR SUSTAINABLE DEVELOPMENT IN VIETNAM
Associate Prof. Dr. Nguyen Van Phuc, Dr. Tamsin Baber, Dr. Ho Thi Hoa ... 637 69. FINANCIAL POLICY FOR FDI ATTRACTION IN VIETNAM – SITUATION AND ISSUES
Assoc. Prof. PhD. Bui Van Van, PhD. Bach Thi Thanh Ha, PhD. Dang Phuong Mai... 649 70. DEVELOPMENT OF INVESTMENT BANKING MODELS IN VIETNAM IN GLOBALIZATION CONDITIONS
PhD. student. Tran Van Hai, PhD. Le Thi Huong ... 660 71. ATTRACTING FOREIGN DIRECT INVESTMENT IN HIGH-TECH AGRICULTURE SECTOR IN VIETNAM
MSc. Pham Thi Kim Len ... 671 72. FACTORS INFLUENCING THE SUSTAINABLE URBANISATION IN VIETNAM
Dr. Nguyen Thanh Hai, Dr. Nguyen Thi Nhung, Dr. Le Thi Thuy ... 679 73. GREEN FINANCIAL DEVELOPMENT IN VIETNAM – RECOMMENDATIONS
Assoc. Prof. Dr. Nhu Trong Bach, PhD. Student Dao Duy Thuan, MA. Cao Minh Hanh ... 690 74. DIGITAL TRANSFORMATION FOR SUSTAINABLE DEVELOPMENT
IN THE CONTEXT OF CORONAVIRUS DISEASE – A CASE FROM VIETNAM
PhD. Nguyen Thuy Linh, Assoc. Prof. Dr. Truong Thi Thuy, PhD. Nguyen Hong Chinh ... 703 75. SOLUTIONS FOR ADJUSTING THE STRUCTURE OF STATE BUDGET REVENUE
BY ECONOMIC SECTOR TO IMPROVE THE SUSTAINABILITY OF STATE BUDGET REVENUE IN VIETNAM
Master. Vu Thi Tam Thu ... 716
76. IMPACTS OF TRADE PROTECTION BY TARIFFS ON GDP, IMPORTS AND EXPORTS: APPROACHING TO NIGEM MODEL FOR THE CASE OF VIETNAM
Assoc. Prof. Dr. Phan The Cong, Assoc. Prof. Dr. Vu Duy Nguyen ... 728 77. LIGHTING UP NIGHTTIME ECONOMY IN VIETNAM - FROM PRACTICES, PLANS TO POLICY IMPLICATIONS
PhD. Phan Tien Nam, PhD. Le Thanh Ha ... 742 78. DEMAND FOR HIGH QUALITY HUMAN RESOURCES IN BANKING AND FINANCE SECTORS AND SOME SUGGESTED TRAINING
SOLUTIONS TO MEET THE NEEDS OF INDUSTRIAL REVOLUTION 4.0
PhD. Pham Quynh Trang, BBA. Nong Phuong Huyen, MA. Nguyen Thanh Huyen ... 758 79. EXPLORING FACTORS INFLUENCING EMPLOYEES’ PERCEPTION OF PAY EQUITY IN VIETNAM’S SOES
PhD. Ngo Thi Ngoc Anh ... 763 80. THE IMPACT OF FINTECH ON FINANCIAL AND BANKING SECTOR IN INDUSTRIAL REVOLUTION 4.0
Dr. Dang Thi Thu Giang, BBA. Nong Manh Cuong, BBA. PhamThi Quynh Nga ... 776 81. ASSESSMENT OF CUSTOMER’S SATISFACTION TOWARDS THE USE OF ATM CARDS AT SAI GON THUONG TIN COMMERCIAL JOINT
STOCK BANK
PhD. Pham Hai Nam ... 785 82. FACTORS INFLUENCINNG THE DEVELOPMENT OF THE CIRCULAR ECONOMY FOR ENSURING THE SUSTAINABLE DEVELOPMENT
IN VIETNAM
Ass. Prof. Dr. Nguyen Van Phuc, Dr. Nguyen Xuan Dien, MBA. Nguyen Thu Ha ... 793 83. THE SITUATION OF AGRICULTURAL PRODUCTION - PROCESSING - CONSUMPTION BY VALUE CHAIN FOR SUSTAINABLE
DEVELOPMENT IN VIETNAM
Dr. Pham Van Nghia, Dr. Dong Thi Ha, Nguyen Ha My ... 806 84. SOME EVALUATIONS ON THE IMPLEMENTATION OF UNEMPLOYMENT INSURANCE POLICY IN VIETNAM
PhD. Nguyen Thi Thu Ha ... 818 85. EXPERIENCE OF DEVELOPMENT THE DIGITAL ECONOMY IN SOME COUNTRIES AND IMPLICATIONS FOR VIETNAM
Dr. Nguyen Thi Tinh ... 824 86. CIRCULAR ECONOMY DEVELOPMENT: INEVITABLE TREND FOR SUSTAINABLE DEVELOPMENT IN VIETNAM
PhD. Do Thi Nang ... 837 87. THEORY ON SOCIAL RESPONSIBILITIES OF FDI ENTERPRISES AND PROMOTION OF CORPORATE SOCIAL RESPONSIBILITIES
OF FDI ENTERPRISES IN VIETNAM
MA. Nguyen Thuy Linh, MA. Duong Duc Thang ... 851 88. ECONOMIC DEVELOPMENT OF COUNTRIES IN GLOBALIZATION
PhD. Ho Thi Ha, Junior. Phan Thanh Huyen ... 859 89. EXAMINING THE ACCOUNTING FOR LAND: IMPLICATIONS FOR THE HARMONIZATION OF IFRS IN VIETNAM
Dr. Nguyen Thi Hong Van, Dr. Bui Thi Thu Huong, Dr. Thai Ba Cong ... 867 90. EXPANSION IN GOVERNMENT INVOLVEMENT AS FISCAL RESPONSE TO THE TIMES OF COVID-19 PANDEMIC
PhD. Bui Thi Thuy Nhi ... 878 91. TAX AVOIDANCE, ITS DETERMINANTS AND APPLICATION IN AUDIT SAMPLE SELECTION OF STATE AUDIT OFFICE OF VIETNAM
Msc. Vu Anh Tuan ... 888 92. THE INTERNAL FACTORS AFFECTING ON APPLICABILITY SUCCESS ABC ACCOUNTING METHOD
Dr. Nguyen La Soa, Dr. Ngo Van Hau ... 898 93. PROCESSING ADMINISTRATIVE REFORM FOR DEVELOPMENT NIGHT-TIME ECONOMY
Msc. Nguyen Thi Dieu, Msc. Hoang Hai Ninh ... 910
94. THE CONTENT TO SECURITIES COMPANY RESTRUCTURING IN VIETNAM
MBA. Hoang Van Luan ... 919 95. DEVELOPING THE NIGHT TIME ECONOMY AFTER COVID - 19 PANDEMIC
Dr. Tran Duc Trung ... 932 96. SUSTAINABLE DEVELOPMENT CONFRONTING CONTINUED WAVES OF COVID-19 IN VIETNAM: ADAPTATION AND ADJUSTMENT
Assoc. Prof. Nguyen Ba Minh, Msc. Le Vu Thanh Tam ... 945 97. DEVELOPING VIETNAM’S DIGITAL BANKING TRANSFORMATION
PhD. Nguyen Dinh Hoan, MA. Nguyen Duc Thach Diem ... 956 98. HUMAN RESOURCES TRAINING IN FINANCE AND BANNKING
INDUSTRY TOWARDS FINTECH DEVELOPMENT IN THE INDUSTRIAL REVOLUTION 4.0
MA. Phan Thi Ha My, MA. Dang Minh Chau ... 963 99. THE DYNAMIC IMPACTS OF ENERGY CONSUMPTION ON CO2 EMISSIONS IN VIETNAM: DO RENEWABLE ENERGY CONSUMPTION
AND FINANCIAL DEVELOPMENT MATTER?
Master. Nguyen Thanh Tham ... 971 100. EXPERIENCES OF CHINA IN DEVELOPING GREEN BOND MARKET AND LESSONS FOR VIETNAM
PhD. Nguyen Thu Ha, Dinh Quang Minh ... 981 101. FACTORS AFFECTING THE DEVELOPMENT OF GREEN BOND MARKET:
A CROSS-BORDER EVIDENCE AND IMPLICATION FOR VIETNAM
PhD. Pham Thi Van Anh, PhD. Dao Hong Nhung, PhD. Luu Huu Duc, PhD. Ho Quynh Anh, PhD. Trương Thi My Nhan ... 988 102. IMPACT OF NON-FINANCIAL INFORMATION ON ANNUAL REPORT TO ACCOUNTING PERFORMANCE, MARKET PRICE OF VIETNAM
LISTED COMPANIES - LITERATURE REVIEWS
Dr. Duong Thi Quynh Lien, Dr. Nguyen Thi Hanh Duyen, Dr. Nguyen Phi Hung ... 999 103. SOLUTIONS TO IMPROVE THE QUALITY OF RURAL HEALTH SERVICES CONTRIBUTING TO THE CONSTRUCTION OF AN ENHANCED
NEW RURAL AREA AND A MODEL NEW RURAL AREA IN HUNG YEN PROVINCE
PhD. Do Thi Thu Hang, PhD. Tran Tuan Anh ...1006 104. DETERMINANTS OF DIVIDEND POLICY OF LISTED BANKS ON VIETNAM STOCK EXCHANGE
Dr. Bui Thi Ha Linh, Dao Quang Huy ...1017 105. SIGNALING, BIRD IN THE HAND EFFECTS IN TRANSPORTATION CONSTRUCTION COMPANIES IN VIETNAM
Assoc. Prof. Dr. Dr. Doan Huong Quynh, MSC. Nguyen Thi Thuy Dung ...1030 106. ANALYSIS OF FACTORS AFFECTING CUSTOMERS’ INTENTION TO USE MOBILE MONEY SERVICES IN HANOI
PhD. Pham Quynh Mai, Duong Thi Yen Nhi, Nguyen Thi Quynh Nga ...1039 107. A LITERATURE REVIEW ON ACCOUNTING THEORIES RELATED TO CONSOLIDATED FINANCIAL STATEMENTS
Dr. Nguyen Thu Hoai ...1049 108. MANAGEMENT ACCOUNTING WITH SUSTAINABLE BUSINESS DEVELOPMENT - SOME PROPOSES FOR BUSINESS
PhD. Ly Lan Yen ...1061 109. STATUS OF CREDIT CAPITAL RESOURCES FOR SUSTAINABLE AGRICULTURAL DEVELOPMENT IN VIETNAM
Prof. Dr. Pham Ngoc Dung, Dr. Bui Thi Men, Dr. Nguyen Thi Lam Anh ...1070 110. INCREASING BRAND AWARENESS FOR VIETNAMESE ELECTRONICS SUPERMARKETS IN HANOI CITY
Assoc. Prof. Dr. Dao Thi Minh Thanh, Pham Dao Thuy Linh, Dinh Thuy Hanh ...1077 111. ASSESSMENT OF FACTORS AFFECTING FINANCIAL EFFICIENCY OF POST – CLEARANCE AUDIT
PhD candidate. Nguyen Tuan Trung ...1087 112. COMPANY DIVIDEND POLICY: EXPERIENCE FROM DEVELOPED NATIONS AND LESSON FOR VIETNAM
MA. Dinh Thi Len ...1099
113. DETERMINANTS OF WORKING CAPITAL MANAGEMENT EFFICIENCY: AN EMPIRICAL STUDY ON STEEL FIRMS IN VIETNAM PhD. Ta Dinh Hoa, MA. Nguyen Thi Thanh Thanh, MA. Nguyen Phan Anh ...1104 114. STATE AUDIT - AN EFFECTIVE TOOL IN ANTI-CORRUPTION, CONTRIBUTING TO SUSTAINABLE ECONOMIC DEVELOPMENT
Dr. Nguyen Huu Hieu ...1116 115. POLICY RECOMMENDATIONS TO IMPROVE THE SUSTAINABILITY OF PUBLIC DEBT IN VIET NAM
Msc. Luu Huyen Trang, Nguyen Tien Dung, Nguyen Thi Thao Van ...1124 116. UNDERSTANDING INTERNATIONAL BUSINESS STRATEGIES IN THE VIETNAMESE BEVERAGE INDUSTRY
MBA. Tran Thi Tuan Anh ...1135 117. IMPACT OF BOARD CHARACTERISTICS ON CORPORATE SOCIAL RESPONSIBILITY REPORTING
Post-graduate . Luu Thi Thai Tam, Dr. Ngo My Tran ...1142 118. STATE AUDIT ROLE AND PRACTICES OF SOME INTERNATIONAL AUDIT INSTITUTIONS
PhD. Phi Thi Hang, PhD. Nguyen Thi Thu Nga ...1154 119. THE IMPACT OF FINANCIAL POLICIES ON PRIVATE SECTOR DEVELOPMENT
PhD. Dang Phuong Mai, Ha Mai Ngoc,Vu Hoang Mai, Trinh Thi Phuc, Pham Tran Nhu Ha...1165 120. HUMAN RESOURCE MANAGEMENT IN STATE MANAGEMENT AGENCIES IN SON LA PROVINCE - CURRENT STATUS AND SOLUTIONS
Master. Manh Truong Nguyen ...1176 121. BARRIERS TO LAND ACCESS OF ENTERPRISE IN HAI PHONG
MA. Pham Thi Bao Thoa, Assoc. PhD. Nguyen Ngoc Toan ...1186 122. VIETNAM ACTIVELY DEVELOPS DIGITAL ECONOMY FOR SUSTAINABLE DEVELOPMENT
Dr. Nguyen Thi Mien, Dr. Tran Thi Tuyet Lan ...1198 123. THE IMPACTS AND FACTORS AFFECTING THE CORPORATE GOVERNANCE OF STATE-OWNED ENTERPRISES IN VIETNAM IN THE
CONTEXT OF GLOBALIZATION
Master. Thach Anh Le, Master. Son Dinh Trung, PhD. Quang Minh Le...1206 124. OPPORTUNITIES AND BARRIERS OF INNOVATION IN SMALL AND MEDIUM ENTERPRISES IN VIETNAM
Dr. Tran Quang Phu, Dr. Nguyen Thi Phong Lan, Dr. Nguyen Thi Mien ...1219 125. SOLUTIONS TO PROMOTE RESEARCH, TRANSFER, APPLICATION, AND DEVELOPMENT OF SCIENCE-TECHNOLOGY, INNOVATION;
DEVELOP NATIONAL INNOVATION SYSTEM AND INNOVATIVE START-UP ECOSYSTEM
Assoc. Prof. Dr. Dinh Thi Nga, Master. Nguyen Thi Nghia ...1231 126. APPROPRIATE EXCHANGE RATE MANAGEMENT POLICY OF VIETNAM
PhD. Lam Tuan Hung, MA. Lam Thanh Ha ...1241 127. A STUDY OF FACTORS AFFECTING THE APPLICATION OF COST MANAGEMENT ACCOUNTING IN CIGARETTES MANUFACTURING
ENTERPRISES OF THE VIETNAM NATIONAL TOBACCO CORPORATION
PhD.Student. La Thi Thu, Assoc. Prof. Dr. Tran Thi Hong Mai, Assoc. Prof. Dr. Nguyen Manh Thieu ...1253 128. THE BASEL II STANDARDIZED APPROACH TO BANK RESTRUCTURING: EXPERIENCE OF SOME COUNTRIES
MA. Nguyen Quoc Viet, MA. Duong Duc Thang ...1260 129. THEORETICAL ANALYSIS ON FRAMEWORK FOR FISCAL SUSTAINABILITY
PhD candidate. Nguyen Thi Thanh Hai ...1268 130. INNOVATION OF MECHANISM AND POLICY FOR BANKVIETNAM TRADE FOR ECONOMIC DEVELOPMENTAND
SUSTAINABLE BUSINESS
Assoc., PhD. Dinh Xuan Hang, Posgraduate student. Dinh Nguyen Bao Anh ...1275 131. IMPACT OF INDUSTRIAL REVOLUTION 4.0 FOR SUSTAINABLE ECONOMIC DEVELOPMENT IN VIETNAM
Dr. Ngo Quang Tue, Dr. Dang Thai Binh ...1278
1
OF THE 4
THINTERNATIONAL CONFERENCE ON SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS DEVELOPMENT IN THE CONTEXT OF
GLOBALIZATION (SEDBM 4)
T
he harmony between economic growth and socio-economic development based on social equality, development and appropriate exploitation and use of natural resources in align with environment protection and ecology system improvement is an urgent problem that plays essential role for every nation. Sustainable development is determined a strategic orientation for all countries in the age of science and technology revolution as well as in the process of globalization.In the globalization process, the implementation of three strategic sustainable development goals has become inevitable, nonetheless, the realization of these goals is not easy. More importantly, the mutual contribution of all global countries to “turn global sustainable development goals into reality” is needed. We need insights to the nature, content, meaning as well as the implementation approaches to conceive the relationship between modern socio-economic development and environment protection. The modern world is facing significant changes with multiple events taking place quickly and unpredictably which bring about both great opportunities and substantial challenges. The world is also facing an unprecedented threat in history, changing the mode of production, business, commerce, and all aspects of social life, along with the relationship of forces that is gradually shifting to a new situation. To adapt to the new order and take advantage of opportunities from this process, the establishment of a “flexible” economic system by diversifying global supply chains, promoting free trade agreements, and strengthening the multilateral trading system is essential. The Covid-19 pandemic has exposed the weaknesses of globalization. The measures to block economic activities or other emergency response policies to prevent the pandemic have caused sudden disruption of trade activities and disruption of some global supply chains in the short term. Although there are doubts about the sustainability of globalization, analysts still believe that the trend of international cooperation and integration is an irreversible process, especially when the the countries are aiming to restore the post-pandemic economy. Supply chain restructuring,
“repatriation” of essential sectors, building resilience against potential “headwinds” are said to be top priorities in economic policies of global countries in the next years. As an economy with high openness and deep integration into the region and the world, Vietnam will face multiple impacts and challenges from the deep decline in economic growth and the shift of the world economic order. Therefore, adapting to the transformation of the world economic order, actively participating in the process of shaping “new rules” of the game is a requirement that cannot be ignored. The Fourth Industrial Revolution, along with globalization and international integration, are still two major trends that profoundly influence the development process of mankind. The interweaving
of integration processes brings the world to a “matrix structure” of free trade agreements (FTAs) on many lines and levels, including new generation FTAs. Therefore, Vietnam needs to continue the trend of accelerating international economic integration and digital transformation to catch the Fourth Industrial Revolution. The determination, consensus, and improvement of the state management in the strategy of economic development, rational exploitation and use of natural resources, and environmental protection are of extreme importance. At the same time, Vietnam also needs international coordination and cooperation in the implementation of the strategic goals of sustainable development in the 21st century. The Covid-19 pandemic has been evolving very complicatedly with many new variants, infecting millions of people, devastating the world economy, but it also made many amazing changes, exceeding previous forecasts. The fight against the pandemic still lies ahead, but the end will come, and the post-Covid-19 world economic changes are also taking shape, being special concern of researchers and countries. Realizing the importance of the issue, the Academy of Finance organizes the annual international conference
“Sustainable economic development and business management in the context of globalization”.
After organizing the three previous conferences, we have enriched the experience to organize international seminars as well as confirmed the research capacity of Vietnamese scientists in general and the Academy of Finance’s scientists in particular. Moreover, the Academy of Finance affirms its ability to meet modern infrastructure and technology in organizing online research and training activities as well as international cooperation. In 2021, although the Covid 19 pandemic is complicated and unpredictable, with careful preparation and creative ways, the Academy of Finance continues to coordinate with the University of Greenwich (UK), the Institute of Economics under the Ho Chi Minh National Academy of Politics to organize the fourth international conference
“Sustainable economic development and business management in the context of globalization”
(SEDBM 2021). The conference receives more than 140 articles and we have selected 131 articles to be published in the conference proceedings. The conference attracts the participation of various scientists and researchers from universities, academies, research institutes...and the participation of top economic researchers and economic experts from national and international agencies.
The Conference Organizing Committee would like to thank the delegates and scientists for your enthusiastic participation and contribution to the success of the conference. Analytics, comments and assessments, forecasts, solutions, etc. on sustainable economic and business development in the context of globalization are of great value for the development of the world, the region as well as Vietnam in the current context.
We wish all delegates, researchers and scientists good health, happiness and success.
Thank you very much,
ORGANIZING COMMITTEE
3
VERIFIED IN VIETNAM?
Nguyen Ngoc Truong1, PhD. Tran Thanh Thu, MA. Vu Duc Kien, PhD. Nguyen Thi Bao Hien2, MA. Nguyen Minh Tuan3
Abstract: This study examines the effect of banking sector development on the economic growth of Vietnam over the period from 1997 to 2019. Using Vector Error Correction Modelling (VECM), the study finds the statistical evidence supporting the supply-leading hypothesis about the causal relationship between banking sector development and economic growth. The findings emphasize the critical role of monetary supply and credit to private sector in the economic growth of Vietnam.
Keywords: Banking sector, development, economic growth, interest rate, VECM, Vietnam.
1. INTRODUCTION
Economic growth is the critical for all countries over the world, especially developing countries, since these countries have to maintain high economic growth for overcoming economic problems such as unemployment, poverty, low living standards, and inflation (Abusharbeh, 2017). The major importance of banking sector to the economic growth can be explained by the intermediation role of commercial banks. Through channeling investment funds from savers to the users that yield the highest return, banking sector contributes to the specialization and division of labor (Todaro 2003). Armenta (2007) indicated some benefits of commercial banks to economic growth such as risk pooling and transferring, enhance liquidity and information flow through the use of more sophisticated financial products and technology.
A buck of previous studies examined the relationship between banking sector development and economic growth. The supply-leading hypothesis emphasizes the causal effect of the banking sector on the economic growth. This school of thought is led by Schumpeter (1911) and confirmed in the studies of Patrick (1966), Thornton (1994), Kar et al. (2011), Hsueh et al. (2013), Menyah et al. (2014), Halicioglu (2007), Dhungana (2014), Arbusharbeh (2017). Another hypothesis, the demand-following, examines the impact of economic growth on the development of financial market, including banking sector. It is discussed in the study of Robinson (1952), Greenwood &
Jovanovic (1990), Levine (1997), Liang & Teng (2006), Odhiambo (2008, 2010). Scholars also concern about the bidirectional relationship between the banking sector and economic growth.
Hussein (1996) found two-way causal relationship between banking indicators and economic growth. Similar findings were reported by Jun (2012), Chow & Fung (2011), Pradhan et al. (2014).
1 Ca’foscari venezia, Italy
2 Academy of Finance
3 National Economics University
The debate about which hypothesis is relevant to explain the relationship between banking sector and economic growth continues attracting many studies. Literature has been enriched through empirical evidences in various research settings, especially from emerging and developing countries, where the banking sector is critical for the economic development.
The banking sector plays a key role for the economic growth of Vietnam likewise many other developing countries. Since 2000, Vietnam’s GDP per capita growth has been in the highest group over the world, at the annual rate of 6.4% In line with the remarkable performance improvement of the whole economy, Vietnam banking sector has witnessed a significant increase. The bank assets in 2018 mostly doubled GDP. Credit growth through banking system has been increasing since 2015.
Average Return on Equity (ROE) in 2017 was 17.63%, higher than other Asian developing countries at the same development level. However, there is an argument that the rapid expansion of the banking sector may destroy the economic growth of Vietnam in the long run. Banking sector is dominating Vietnam financial market. The credit to deposit ratio of Vietnam banking sector is around 7 times over past 5 years, together with the decrease in bank’s Z-score since 2010. These data show the heavy dependence of financing sources for investment on the banking sector. Therefore, the crash of the banking sector would significantly impact on Vietnam economic growth.
Empirical studies on the relationship between banking sector and Vietnam economic growth seem to be spare, and report mixed results. Nguyen et al. (2020) showed a causal relationship between the banking sector development and the real estate market. Bui (2020) found the positive effect of economic growth on the Vietnam financial market development. Le et al. (2019) found the significant effect of financial market development on economic growth in ASEAN+3 countries, including Vietnam. Le et al. (2020) reported the short-term positive effect of the banking depth on the economic growth of Vietnam, and the negative one in the long run due to the macro influencers.
The purpose of our paper is to find which hypothesis is valid for the relationship between the banking sector development and Vietnam economic growth. Literature has indicated that the supply-leading hypothesis is more relevant than the others in developing markets. In this paper, we examine the short and long-run validity of the supply-leading hypothesis, and the existence of demand-pulling hypothesis in Vietnam situation. Our study contributes to the extant literature on relationship between banking sector and economic growth with three main points. First, it enriches studies on emerging and low-income countries with an empirical evidence on one of the fastest growing economies in the world – Vietnam. Second, we test the hypotheses on a wider sample than other similar studies in Vietnam using Vector-Error Correction Model (VECM) instead of the standard VAR estimator in the study of Le et al.
(2021) or Autoregressive Distributed Lag (ARDL) approach in the study of Bui (2020). We expand the time range compared to other studies on the finance-growth relationship in Vietnam to provide a comprehensive insight and increase the estimate accuracy. Third, we specify the validity of the supply-leading hypothesis in Vietnam through finding the long-term adjustment and examining the adjusting mechanism.
We organize the paper into 5 parts. Part 1 elaborates the rationale of the research topic. Part 2 is literature review and hypothesis development. Part 3 presents data and methodology. Empirical results and discussion are presented in Part 4. Part 5 is the place for conclusion and managerial implications.
2. LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT
The leading role of the banking sector in the economic growth was emphasized in the early work of Schumpeter (1911). The author argued that through mobilizing and channeling funds efficiently, banks provide businesses with credit capital, which will be invested in physical assets, new production techniques, facilitating technological innovation, and setting conditions for creative destruction process (King & Levine, 1993; Allen & Ndikumana, 1998). Through the capital directing function, banking sector is expected to contribute to economic growth. That is the supply-leading hypothesis for finance – growth relationship. McKinnon (1973) and Shaw (1973) argued that a repressed financial system characterized by interest rate celling, directed credit policies and high reserve requirement, hindered an economic growth. Therefore, financial development is expected to be the positive influencer of economic growth. Bencivenga and Smith (1991) developed the endogenous growth model with multiple assets and found the growth boosting function of financial intermediaries. Banks could enhance asset liquidity and mitigate specific risk through diversification and pooling, which results in higher economic growth.
Empirical studies on the finance – growth nexus have found supporting evidences for the supply-leading hypothesis in emerging and developing countries. Cole et al. (2008) found banking sector return positively correlates with the economic growth in 38 countries from 1973 to 2001. This relationship became stronger in the developing countries. The finding supports the supply-leading hypothesis and validates this hypothesis in the developing economies. Koivu (2002) reported the negative impact of marginal interest rate on economic growth in 25 developing countries over the period 1993-2000. Frikha & MacMillian (2016) found the supporting effect of conventional banks on GDP in 10 developing countries. Medjahed & Gherbi (2016) stated the negative short and long run impact of banking sector development on growth of 11 MENA countries from 1980 to 2021. Prochniak & Wasiak (2017) verified the positive relationship between banking system and economic growth in 28 EU and 34 OECD countries from 1993 to 2013. Bongini et al. (2017) indicated that foreign banks foster economic growth of Central, Eastern and South Eastern European Countries (CESEE) between 1995- 2014. Le et al. (2019) reported supporting evidence for the the supply-leading hypothesis in ASEAN+3 countries.
For a particular economy, Alfara (2012) validated the supply-leading hypothesis in Palestine on the period from 1995 to 2001. Abusharbeh (2017) found supporting evidence for the supply- leading hypothesis in Palestine using quarterly data from 2000 to 2015. Halicioglu (2007) found the unidirectional causation from development to economic growth in Turkey using annual data from 1968 to 2005. Dhungana (2014) found the causal relationship between commercial banks and economic growth in Nepal during the period 1994 to 2012 in the long run. Jung (2017) confirmed the leading role of financial development in economic growth of South Korea over the period from 1961 to 2013.
On the alternative side, Robinson (1952), Friedman & Schwartz (1963) stated that economic growth facilitated the financial market development. That is the demand-pulling hypothesis, which focuses on the demand side of the financial market. This argument is rested on the positive relationship between the level of financial development and the real national income. Economic growth is a basis for the higher demand for new and innovative financial products, which can positively effect on the development of financial market. Liang & Teng (2006) investigated the
