Economy In Vietnam Research Articles

Socialist-oriented market economy in Vietnam

This paper reviews the legal aspect of the formed and changing perceptions of the Communist Party of Vietnam on the socialist-oriented market economy (SME). The authors assess the reflection of that awareness in the 2013 Constitution and the practical implementation of Vietnam’s participation in recent free trade agreements. We find there have been important changes in perceptions related to the SME before the enactment of the 2013 Constitution. However, the reflection of awareness about that policy in the 2013 Constitution is not enough and has caused several challenges to its enforcement, especially regarding the legal system and global economic integration. The authors here also point out conflicts between the policy of building a SME in Vietnam with the requirements of free trade in terms of theory and recent practical agreements, raising questions of whether those conflicts could be acceptable and how to address them.

Tax reactions to the Covid-19 on supporting the economy in Vietnam: Assess from tax expenditures approach

Tax expenditures are of interests to researchers and practice-makers because of their implications for government policy goals; however, the lack of homogeneity in tax expenditures data lead to remarkable limitation on the number of research on this topic (Dom & McCulloch, 2019; von Haldenwang, Redonda, & Aliu, 2021). As the world confronts the COVID-19 pandemic, tax expenditures are back to being a contemporary topic, discuss the role of fiscal policies in financing inclusive development or post-pandemic recovery requirements (De Mooij, Fenochietto, Hebous, Leduc, & Osorio-Buitron, 2020; Dom & McCulloch, 2019; Harman et al., 2021). On the basis of secondary data analysis, this article focuses on analyzing aspects of Vietnam’s tax responses in the period of 2019 - 2022 in order to draw a picture of Vietnam using fiscal tools to support recovery during the Covid-19 pandemic. The article finds similarities between Vietnam’s tax expenditures and the global context, which is their importance during the Covid-19 period along with the limitations of systematic statistical data.

Thị trường vàng sau Nghị định 24 và một số khuyến nghị

Gold plays an instrumental role in the world economy in general and Vietnam in particular, even though it is no longer a currency. In an attempt to stabilize the fluctuated gold market in the early 2000s, the Vietnamese government issued numerous documents, including (i) regulations on the termination of the gold trading floor and domestic gold trading accounts, (ii) regulations on the termination of gold mobilizing and lending activities of credit institutions, (iii) regulations on the management of gold business activities, (iv) regulations on the sanctions for administrative violations in the field of foreign exchange and gold. Decree 24/2012/ND-CP, regulations on the management of gold business activities, is supposed to be the most comprehensive document, which contributes to the restructuring and reorganization of the entire Vietnamese gold market under the control of the State Bank. This paper analyzes the context of Decree 24 issuance and evaluates the outcomes of Decree 24 application based on the following criteria: (i) restructure the gold market and put a restraint on the “goldalized” economy, (ii) stabilize the gold price and reduce the impacts of gold price on the macro-economy, in turn, proposing suggestions regarding the gold market management in the current context.

How to Develop the Circular Economy in Vietnam

In the context of international economic integration, promoting the application of the concept of circular economy is a strong tendency in many countries over the world, especially when the world's resources are increasingly exhausted because it helps to better solve the problem of resolving the relationship between the economic growth and the environmental pollution control. Circular economy is a closed production cycle, the resources and wastes of the previous production process are reused, recycled, or salvaged, and the waste streams are turned into inputs for the new production cycle. In Vietnam, the process of accelerating industrialization and modernization has brought remarkable economic development achievements. However, it has to face serious challenges with resource depletion, environmental pollution, and climate change. That reality requires a new approach, i.e., a transition from a linear economy to a circular economy. This article is based on secondary data that has mentioned the benefits of the circular economy, the manifestations as well as the opportunities and challenges for the development of the circular economy in Vietnam, thereby proposing some recommendations for stakeholders to develop an economy that ensures the harmony between economic benefits and environmental protection, economic growth in parallel with reducing the harmful effects of climate change.

The Establishment and Operation Process of Bien Hoa Industrial Zone in South Vietnam (1955 - 1975)

The industrial zone's contribution to the country's socio-economic development is very important, contributing to reducing the unemployment rate, creating more jobs for the active population; promote business environment, improve competitiveness; creating favorable conditions for localities to promote their specific strengths, and at the same time acting as a bridge for development between urban and rural areas... Realizing that, the Republic of Vietnam government (1955-1975) interested very much in the policy of developing industrial zones. Since 1960, the Republic of Vietnam government has made specific plans and established many industrial zones to serve the goal of industrialization economy. Among the industrial zones established under the direction and management of the National Industrial zone Expansion Company (establishment December 26, 1963, abbreviated SONADEZI), Bien Hoa Industrial Zone is considered as the most popular industrial zone in the world typical industrial production organization, actively contributing to the transformation of the industrial economy in the South Vietnam in the 1955-1975 period.

The Development of Private Economy in Vietnam from 1986 to 2001: from Policy to Practice

The recognition of the private economy as an integral part of the economy at the Sixth National Congress (1986) of the Communist Party of Vietnam stems from the practical needs of Vietnam before doi moi. From 1986 to 2001, the private sector in Vietnam has gradually affirmed its role and position in the socialist-oriented market economy and has made important contributions to national budget, increasing gross domestic product growth and job creation. However, besides the positive contributions, the private economy in Vietnam still reveals certain limitations in the development process.

The Development of Private Economy in Vietnam from 1986 to 2001: from Policy to Practice

The Development of Private Economy in Vietnam from 1986 to 2001: from Policy to Practice

The Role of Green Economic Development for Sustainable Development in Vietnam

Vietnam with the goal of becoming a modern industrialized country by 2030. In which, focusing on a number of internationally competitive industries, deeply involved in the global value chain. This has increased pressure on the environment and natural resources. Therefore, green economic development is an inevitable trend, both ensuring the goal of economic modernization, environmentally sustainable development and enhancing the ability to respond to climate change. The article points out the role of green economic development in sustainable development in Vietnam today but still faces many challenges and suggests some solutions to help promote the green economy in Vietnam in a sustainable way.

The Management Policy of the Socialist-Oriented Market Economy in Vietnam in the Period of Renovation and International Economic Integration

International integration is an inevitable process, with a long history of development and origins, the social nature of labor, and the civilized development of human-human relations. In society, people who want to survive and develop must have a close connection with each other. More broadly, internationally, a country that wants to develop must link up with other countries. The 6th Congress of the Communist Party of Vietnam (December 1986) has opened a new era - a period of comprehensive, thorough, and profound renewal of all aspects of the country's life, including the economic field, in order to implement more effectively the work of building socialism in our country. Entering the period of international economic integration, In the modern world, the development of the market economy requires countries to expand their markets and form regional and international markets. This is the main driving force promoting the global integration process. This study focuses on analyzing the management policy of the socialist-oriented market economy in Vietnam in the period of international economic integration, thereby proposing some solutions to improve this policy in the future.

The Impact of Market Liquidity on Stock Returns: Empirical Evidence from the Vietnamese Stock Market

The stock market plays an increasingly important role in restructuring the economy in Vietnam. Among many evaluation criteria, market liquidity is one of the essential factors showing the development of the stock market. This study aims to understand the influence of market liquidity on the performance of the Vietnamese stock market from 2011 to 2020. The research results show that market liquidity positively affects the Vietnamese market's excess return, and this result is unchanged with control variables. This finding contrasts with the liquidity risk premium theory, but it contributes to the debate over the role of investor sentiment in the markets.

The Impact of Market Liquidity on Stock Returns: Empirical Evidence from the Vietnamese Stock Market

The stock market plays an increasingly important role in restructuring the economy in Vietnam. Among many evaluation criteria, market liquidity is one of the essential factors showing the development of the stock market. This study aims to understand the influence of market liquidity on the performance of the Vietnamese stock market from 2011 to 2020. The research results show that market liquidity positively affects the Vietnamese market's excess return, and this result is unchanged with control variables. This finding contrasts with the liquidity risk premium theory, but it contributes to the debate over the role of investor sentiment in the markets.

Overview of research on the digital economy: some typical studies in Vietnam

The digital economy has become the top concern of economic scientists around the world when there are global upheavals and crises that change the nature of many economic structures and forms of economic operation. In Vietnam, the digital economy is not only formed by the practical needs of the general global context but also reflected in the government's policies or action plans. In general, the digital economy is an inevitable and growing trend and is gradually being institutionalized in the state's policy system. However, there is a need for more in-depth studies on each aspect or large-scale research programs on the digital economy in Vietnam with both positive and negative aspects now and in the future.

Understanding the Socialist-Market Economy in Vietnam

The economic reform started in 1986 has transformed Vietnam from one of the world’s poorest countries 35 years ago to a lower middle-income country (MIC) in 2010. Poverty rates dropped from 70% in 1986 to below 2% in 2021. The transition from a central planning system to a socialist market economy is the fundamental underlying factor of Vietnam's success. Using the historical institutional framework that Lee (2018) [1] developed, this study aims to explore the country’s transition from a central planning system to a socialist market economy over the past three decades. The findings demonstrate that the country’s transition to a socialist market economy has been taking a gradualism and dualism path like China. In addition, the study also illustrates how the economic reform and globalization processes pushed the institutional transformation in Vietnam to meet the demands of multiple economic sectors and ownerships as well as accommodate international commitments that the country entered. Finally, Vietnam has been cautious in its political reform over the past few decades. Yet, this is inevitable as a result of the country’s socio-economic development process as well as the global and regional rapid changing context. The implications for Vietnam include: (i) Vietnam needs to transform its growth model toward a knowledge-based, higher-added-value, and more environmentally-friendly pattern; (ii) while there is significant progress in institutional transformation, bottlenecks and challenges remain. This should be addressed effectively to unlock the country’s potential; (iii) political system reform is inevitable as conditions are mature. Domestic demands and international requirements are putting increasing pressure on the changes. However, this process will likely move forward and take place within the political system rather than by civil society or outsiders. Doi: 10.28991/ESJ-2022-06-05-03 Full Text: PDF

Development of Share Economic Model: Research in Vietnam in the Digital Economic Concept

Sharing economy is a term that has been discussed a lot on e-commerce forums in Vietnam recently. This is a new business model capable of bringing super profits and expected benefits for society in the digital economy. However, the practical application of this economic model is not easy, even causing unfair competition between traditional business enterprises and enterprises operating under the sharing economy model. Therefore, this article discusses some sharing economy issues, such as the theoretical basis and current situation of sharing economy development in Vietnam through methods of collecting, processing, and analyzing information. Thereby giving some recommendations to develop the sharing economy in Vietnam in the context of the industrial revolution 4.0.

The Leading Role of State Economy in a Socialist-Oriented Market Economy in Vietnam

In Vietnam, ensuring the leading role of the State economy is one of the basic contents to maintain the socialist orientation. The XIIth Party Congress (2016) continued to affirm: “The socialist-oriented market economy of Vietnam has advanced production relations that is consistent with the level of development of production forces; There are many forms of ownership, many economic sectors, in which the state economy plays a leading role, the private economy is an important driving force of the economy; subjects from all economic sectors are equal, cooperating and competing under the law”. Over the past years, the State economy has played an important role in the Vietnamese economy, contributing to solving the socio-economic problems of our country. This paper will discuss the new understanding of the leading role of State economy in the socialist-oriented market economy in Vietnam and propose some solutions to promote the leading role of State economy.

Impacts of the Covid-19 on Some Models of the Sharing Economy in Vietnam

The sharing economy has been developing rapidly in the world in recent years. In Vietnam, many businesses have embraced sharing economy models in various industries including tourism, accommodation, transport, finance, and labor… With their developmental potentials, those models have attracted a large number of customers and have stated their market positions. However, the outbreak of the COVID-19 pandemic caused big problems for most companies, including sharing economy models. With technology and digital platforms, those models have both opportunities and challenges. This paper analyzes the negative and positive impacts of the pandemic on some sharing economy models in Vietnam.

Impacts of the Covid-19 on Some Models of the Sharing Economy in Vietnam

The sharing economy has been developing rapidly in the world in recent years. In Vietnam, many businesses have embraced sharing economy models in various industries including tourism, accommodation, transport, finance, and labor… With their developmental potentials, those models have attracted a large number of customers and have stated their market positions. However, the outbreak of the COVID-19 pandemic caused big problems for most companies, including sharing economy models. With technology and digital platforms, those models have both opportunities and challenges. This paper analyzes the negative and positive impacts of the pandemic on some sharing economy models in Vietnam.

Evaluation of Factors Affecting the Transition to a Circular Economy (CE) in Vietnam by Structural Equation Modeling (SEM)

Currently, the transition to a circular economy is becoming a development trend of many countries around the world to cope with climate change and reduce carbon emissions. Vietnam is also one of the countries in the process of taking steps to transition to a circular economy. However, to make a successful transition to a circular economy, citizen participation is essential. Thus, the question is, are people ready to participate in the circular economy? Therefore, this study surveyed 431 people regarding their willingness to participate in the circular economy based on the theory of planned behavior and the structural equation model. The results of empirical research have shown that the factors attention to the environment, and attitude towards intention are the factors that have a strong impact on willingness to participate in the circular economy. Based on the given influencing factors, the authors make some policy suggestions for the Vietnamese government in the transition to a circular economy.

Business households in the context of Vietnam's culture and law

The article analyzes and clarifies the position and role of business households in the system of business entities in the market economy in Vietnam. From its small-scale position, restrictions on the rights to use labor, and business locations, current Vietnamese laws have established provisions to ensure equality in legal status, autonomy, and self-responsibility on business transactions of business households. However, the business household is built and managed based on the family, the members of the business household both show blood relation and economic relation. Therefore, the family traditional cultural factors have a huge impact on the internal and business relations of household businesses. The traditional family relationship and the relationship among the members (of the business household) in the business relations related to asset liability and the development support policy of the State will form the pillar to promote the development of household businesses to become an important and indispensable part of the market economy and international integration in our country currently.

The impact of economic restructuring on CO2 emissions in Vietnam

This article aims to explore the impact of economic restructuring on CO2 emissions in Vietnam during 1986 – 2020. Data in the study are collected from the World Bank and website: https://countryeconomy.com/. The study uses a Vector Auto Regression model (VAR) to analyze the effect of economic restructuring on CO2 emissions. The research results show that the ratio of value-added by agriculture industry on GDP has a negative impact on CO2 emissions in Vietnam. On the contrary, the proportion of value-added by industry and construction to GDP has an effect positive on CO2 emissions. This study contributes to enhancing knowledge about the relationship between CO2 emissions and economic restructuring which is significant to the transformation of green economy in Vietnam. Based on the research results, we propose a number of implications including: (1) The Government should consider promulgating regulations to make it easier for farmers to access credit policies for the application of Science and Technology in green production, energy saving, and change the backward production in rural areas; (2) The government should strengthen support for farmers with information about new technology products in agricultural activities such as: new methods of sustainable production, environmental protection but effective high economic; (3) The government should monitor forestry activities, contribute to improving the forest environment, and reduce environmental pollution in Vietnam; (4) The Government considers promulgating regulations on the control of vehicles/machines operating in the industrial-construction sector with large emissions in order to reduce emissions effectively.