VNP | Chương trình Việt Nam - Hà Lan

Thesis Public Defense | VNP26 - Nguyễn Phúc Phương Vy
2022-02-13 00:00 (Asia/Krasnoyarsk)
Economic development and PM2.5 emissions: Empirical evidence from Vietnam’s industrial zones
Student: Nguyễn Phúc Phương Vy, VNP26
Supervisor: Dr. Phạm Khánh Nam
Abstract:
This thesis investigates the relationship between environmental degradation and economic development. The research uses satellite data to estimate panel data models of 245 industrial zones from 1998 to 2016. The regression results show that there is an inverted Ushaped curve between economic development and emissions of fine particulate matter. In addition, there is evidence that there exists a spillover effect of fine particulate matter density between neighboring industrial zones.
Keywords: Environmental Kuznets curve (EKC), Spatial econometric approach
JEL: C23, Q53

Thesis Public Defense | VNP26 - Hoàng Thị Ngọc Thắng
2022-02-13 00:00
Impact of the free trade agreements on Vietnam’s pharmaceutical import: An application of the gravity model
Student: Hoàng Thị Ngọc Thắng, VNP26
Supervisor: Dr. Hồ Hoàng Anh
Abstract:
This paper evaluates the impact of free trade agreements on the pharmaceutical imports of Vietnam. We apply the gravity model to a panel data of 112 countries for the period 2000-2018. To solve two potential problems of the gravity model created by heteroscedasticity and zero trade values, we employ the standard Poisson Pseudo Maximum Likelihood (PPML) estimator. We also add the fixed effect and lagged effect in the model to mitigate potential endogeneity. Our results demonstrate that free trade agreements can increase Vietnam’s pharmaceutical imports. However, each separate agreement has a different impact. In addition, we find that the impacts of trade agreements can change over
time.
Keywords: FTA, Pharmaceutical import, Gravity model, PPML
JEL code: F13; I18;

Thesis Public Defense | VNP26 - Trần Phước Bảo Minh
2022-02-13 00:00
The influence of vaccination on business confidence during COVID-19 pandemic
Student: Trần Phước Bảo Minh, VNP26
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
At the time of this research, the COVID-19 pandemic has claimed more than 5 million lives and pushed the global economy into a deep recession with 97 million people around the world into poverty on less than $1.9 a day, accompanied by a remarkable increase in unemployment rate. Is there any way to reduce this negative impact on the economy? In “General theory of employment, interest, and money” published in 1936, Keynes used the concept of the “animal spirit” to emphasize the importance of business confidence in understanding business cycle and economic fluctuations. Confidence was also known as the root of the global financial crisis in 2008. But what determines business confidence? Using the data of 22 EU countries, this study found that vaccination is effective in boosting business confidence during the COVID-19 pandemic. This relationship is even stable and highly statistically significant across many robustness tests. Furthermore, the study also found that the positive effect of vaccination on business confidence is even larger when the containment policies is tightened, which highlights the importance of vaccination in maintaining business confidence. To the best of our knowledge, this is the first study to discover the nexus between vaccination and business confidence.
JEL classification: E22, E23, E70, H32, I18
Keywords: vaccination, business confidence, lockdown policies, COVID-19 pandemic, behavioral economics.

Thesis Public Defense | VNP26 - Nguyễn Thị Liễu
2022-02-14 00:00
The determinants of female labor force participation in Vietnam: The role of the globalization
Student: Nguyễn Thị Liễu, VNP26
Supervisor: Prof.Dr. Nguyễn Trọng Hoài
Abstract:
The main objective of this research is to examine whether the globalization brings about the impacts on FLFP. The research data is collected from Vietnam Statistical Yearbook by the General Statistical Official of Vietnam (GSO) and the Provinces Statistical Yearbook from 2010 to 2019 during the period from 2010 to 2019. Throughout the paper, we collect variables including FLFP, foreign direct investment, trade openness, growth rate of gross region domestic products (GRDP), inflation (CPI), Total fertility (TFR), Female unemployment (FUR), and Urbanization rate (URBAN) of 63 provinces in Vietnam after considering missing data problem. The findings show that Trade openness led to higher female labor force participation, showing the integral role of globalization in increasing job opportunities for women. Second, Although FDI inflows into Vietnam have grown since our country opened up to international integration, FDI has had a negative impact on female labor force participation. This finding is probably related to the transfer of comparative advantage from labor to technology-intensive production.
Keywords: Globalization, Foreign direct investment, Trade openness, Female labor force participation
JEL: F66, J21, J82

Thesis Public Defense | VNP26 - Lê Minh Nhi
2022-02-15 00:00
Cyber risk behaviors in Vietnam

Student: Lê Minh Nhi, VNP26
Supervisor: Dr. Phạm Khánh Nam
Abstract:
Cybersecurity has become a significant and urgent concern of technology-based economies in general. Humans might be considered the weakest link in cybersecurity because human errors could negatively affect technical security solutions. To determine the human factor in cybersecurity, we need to understand the factors that affect cybersecurity behaviors. This thesis identifies some predictors of online hedging behaviors based on existing research on risk perception and cybersecurity. Also, we highlight the importance of studies by demonstrating the influence of individual differences on actual behavioral decisions based on the survey of Vietnamese users’ behaviors with 286 participants from 15 to 60 years old. The study focuses on three individual differences: demography, psychological factors, and digital skill inequality. The multivariate probit modeling approach helps to clarify the correlation between the involvement of different users’ habits and cyber risks. The results support the argument that digital skill awareness has a meaningful influence on cybersecurity behaviors. On the other hand, users have a greater need to use the Internet and engage in online activities that quickly cause dangerous acts in cyberspace.

Thesis Public Defense | VNP26 - Tôn Đức Thăng Long
2022-02-15 00:00
Spatial analysis of club convergence polarization in income across Vietnamese provinces
Student: Tôn Đức Thăng Long, VNP26
Supervisor: Dr. Lê Văn Chơn
Abstract:
In the development process, income inequality attracts a lot of attention, most notably higher income hinders economic growth. There are various research papers examining absolute and conditional convergence through growth endogenous model. But the researchers use traditional regression methods that do not take into account the spatial factor. Even if spatial regression is used, only absolute convergence is examined. This thesis sheds light on both absolute and conditional convergence through spatial regression models. This research also shows that there is a polarization of club convergence between regions. Seeking evidence that a trained workforce has an impact on income growth is not the same across regions. Aside from the technology gap is not uniform, the absorption in the regions is dissimilar. Additionally, the above new points, an up-to-date analysis of this paper is the use of data visualization with multifarious charts and maps of Vietnam to elucidate the club convergence and the growth rate of the regions. Finally, this research uses the AIC criterion to choose the most optimal spatial correlation matrix models, which few research papers on spatial regression conduct, especially on the topic of convergence growth.
Key words: Convergence, Absolute convergence, Conditional convergence, Club convergence, Divergence, Polarization, Spatial Regression, Technology absorption.
JEL codes: F43; C31; E13; H41; J21; J82; O47; O43

Thesis Public Defense | VNP24 - Dương Kim Thanh
2022-02-15 00:00
Government support for SMEs innovations: The case of government financial support in Vietnam
Student: Dương Kim Thanh, VNP24
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
Innovation is an important context in the modern economic process, and it refers to the acquisition and the implementation of new idea into new product or service, leading to the realization of new profit and economic wealth. In the SMEs context, the role of innovation becomes more important. This study is developed with the objective of exploring the government support towards the SMEs’ innovation in Vietnam. There are four research models to be developed with dependent variables are NPR – whether the firms delivered new products to the market, PIM – whether the firms conducted any improvement for its current products, and TEC – whether the firms adopted new technologies into its production and business process for its current products. Also, the author calculates INV as sum of NPR, PIM and TEC. Using Poisson regression with random and fixed effect, it is identified that government support has either positive or negative impact on INV. The positive impact is recorded for Poisson regression with fixed effect while the negative impact is found for Poisson regression with random effect. The author also runs the Probit regression and obtained result shows that government support has positive and significant impact on NPR but it has negative and significant effect on PIM and TEC. The author also calculates the Propensity score and conducts the Propensity score matching and found that government support does not promote innovation. The policy implication is that the current supporting policies is not effective and inefficient and they should be re-designed.
Keywords: SMEs, innovation, government support, government ownership, firm size, firm age, firm leverage

Thesis Public Defense | VNP26 - Nguyễn Thị Xuân Thắm
2022-02-17 00:00
A study of happiness and institutional quality: international evidence

Student: Nguyễn Thị Xuân Thắm, VNP26
Supervisor: Dr. Hồ Quốc Thông
Abstract:
Human happiness is a topic that always attracts researchers’ attention because happiness in life is considered an ultimate goal for individuals. Additionally, the role of institutional quality in enhancing life satisfaction is especially concerned in recent years. To clarify that effect, this study investigates the association between institutional quality and happiness for worldwide countries in the period from 2013 to 2020. The analysis utilizes unbalanced panel data from 204 countries with 1,615 observations which are mainly taken from World Development Indicators and Worldwide Governance Indicators. Besides the Ordinary Least Square method, Simultaneous Equations Model estimation is also employed with instrumental variables to deal with the possible endogeneity problem between happiness and institutional quality. For OLS estimation, the results show that the government effectiveness and corruption control have positive impacts on happiness, while political stability negatively affects happiness. However, when applying the SIM method, the findings evidence all indicators of institutional quality play important roles in improving happiness. Furthermore, the validity of press freedom as an instrumental variable employed in the model is just shown in several cases, as this instrument is weakly associated with institutional quality. Finally, a negative association between the unemployment rate and happiness shows that joblessness makes individuals less satisfied with their life than those with higher employment rates. This study yields the policy implications that indicate government needs to concentrate on enhancing various dimensions of institutional quality to raise the level of residents’ happiness. Moreover, the government needs to have more strategies to reduce the unemployment rate and support jobless employees to overcome the difficult time.

JEL Classification: I31, H10
Keywords: institutional quality, happiness, quality of life, instrument, press freedom

Thesis Public Defense | VNP26 - Trần Thị Thanh Thảo
2022-02-17 00:00
The role of environment, social and governance performance in enhancing firm performance: The US case
Student: Trần Thị Thanh Thảo, VNP26
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
Environmental, social, and corporate governance (ESG) are rapidly guiding principles for business success. However, the major of previous researches just focused on examining one of three dimensions of ESG. In this research, we take account of 297 firms with 1782 observations in the US’s S&P 500 list from 2015 to 2020 to investigate the influence of overall ESG and specific ESG dimensions on firm performance by using dynamic panel data techniques (System GMM model). Further analysis examines the interaction effect of environmentally sensitive sectors on the connection between ESG and Firm performance. Our empirical results reveal that companies with excellent ESG performance as a whole and its three components, including environmental, social, and governance performance ratings, have a positive effect on accounting-based financial performance (ROA). Moreover, the regression results indicate that the companies operating in sectors that affect the environment usually negatively impact the firm operation. Finally, we provide some proposals on the future direction of government building and sustainable growth of firms.
Keywords: ESG, firm performance, ROA, System GMM, environmentally sensitive industries

Thesis Public Defense | VNP24 - Đào Nguyên Quỳnh Giao
2022-02-18 00:00
The impact of the financial behavior to bribery
Student: Đào Nguyên Quỳnh Giao, VNP24
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
This study discusses the impact of bribery on the financial behavior of SMEs in Vietnam. With observations of 166 SMEs across Vietnam, statistical information on bribery (including the ratio of bribes to firm revenue, known as bribery ratio and bribery frequency), Relationship
Relations with government agencies, Transparency of local government policies, Informal payers and financial practices (including total expenditure, total borrowing and total investment). Then, this study deployed a set of empirical tests, including Correlation Matrix, Regression t Test, F-test, Durbin – Watson multicollinearity test to test the relationship between variables as well as check the reliability of the results. This study found that bribery rate, bribery frequency and informal expenditures had a positive effect on total spending and total investment and total borrowing. However, the relationship with the government and the level of government transparency have a negative impact on the financial behavior of SMEs. The research results can serve as a basis for the government to build a more transparent administrative apparatus, contributing to improving the socio–economic life of Vietnam.

Thesis Public Defense | VNP26 - Mạc Lệ An
2022-10-11 00:00
Ownership structure and corporate default risk: Empirical evidence from Vietnam
Student: Mạc Lệ An, VNP26
Supervisor: Dr. Vũ Việt Quảng
Abstract:
Vietnam has long been well recognized as a transition frontier country mainly characterized by the dominance of state and family ownership and control in most listed corporations across different sectors. From that sense, the study is inspired and motivated to investigate how the firm ownership structures should have an impact of on the corporate default risk, or default probability, in Vietnam. Using a sample panel data of 230 non-financial firms dataset of publicly traded corporations listed on the largest stock exchange in Vietnam for the sample period starting from the year 2012 to 2020, the preliminary study shows a negative relationship between institutional, foreign ownership and the probability of default, but a positive between state, family ownership, and corporate default risk. Interestingly, the findings reveal the non-linear relationship between state, family ownership, and the default probability. In particular, State ownership enhances risk-taking behavior as the firms are encouraged to borrow more debt when the state ownership exceeds a specific threshold, increasing corporate default probability. However, family ownership is negatively associated with a probability of corporate default for firms that have full family control over the firm, and then the risk is reduced.

Thesis Public Defense | VNP - Nguyễn Thị Trà My
2022-11-28 00:00
The propensity of cosmetics consumption in Ho Chi Minh city after the COVID-19
Student: Nguyễn Thị Trà My, VNP
Supervisor: Dr. Hồ Quốc Thông
Abstract:
Background: In Vietnam, where this business has the fastest growth rate when compared to the rest of Southeast Asia, cosmetics is one of the fastest-growing industries. According to revenue figures, this market generates an estimated VND 50,000 billion in revenue each year, which not only demonstrates the significant profit it generates but also the prominence of this sector globally commercial marketing. Due to the lasting effects of the Covid-19 outbreak on the world economy, the cosmetics industry as well as many other industries experienced extreme hardship. Contrary to its initial status as a luxury good, the consumption of cosmetic products dropped significantly due to the crisis.
Materials and Methods: An online questionnaires was administrated and sent to Ho Chi Minh’s consumers from 18 to 55 years old through social networks. The questions were related to the affection of the Covid-19 to consumers life and how they has adjusted their expenditure on cosmetics. Standard econometric models were employed to investigate the change in consumer perception and the consumption of cosmetic products.
Results: A final working sample of 200 observations were obtained, and all of respondents are cosmetic consumers consuming, for example, beauty, skin care and body products. As observed from the econometric model ‘s result, key factors that have a significant impact on cosmetics consumption behavior are the number of persons that consumers contacted weekly, age, marital status and the change in income. In particularly, cosmetic consumption of who are single and who are contacted more people weekly are tend to increase while those who married or contacted less people weekly is more likely to reduce their spending on cosmetic. Thus, as consumer’s age and consumer’s income increase, so does their expenditure on cosmetic.
Conclusions and implications: Both men and women have a need for cosmetics, but single person and those who meet more people each week are the main consumers, and the cosmetic consumption are increase as consumer’s age and consumer’s income increase. Once the isolation period following the Covid-19 epidemic has ended, their demand for cosmetics has a tendency to increase again. Given that the majority of potential customers are single women or man who meet a lot of people each week and are highly concerned with their own health, cosmetic companies must put a priority on ensuring consumer health and produce products with as few side effects as possible or natural cosmetics in order to draw in more clients.
Keywords: cosmetic consumption, Covid-19 epidemic affection

Thesis Public Defense | VNP25 - Phạm Thị Vân
2022-11-28 00:00
Determinants of provincial competitiveness in Vietnam
Student: Phạm Thị Vân, VNP-25
Supervisor: Dr. Phạm Khánh Nam
Abstract:
In Vietnam, the Provincial Competitiveness Index (PCI) is used to assess the attractiveness of the locality to investors. However, to date, there have not been many domestic studies on PCI in general and on assessing the impact of factors affecting PCI in particular. Therefore, this study was conducted to assess the impact of factors affecting the provincial competitiveness index. Through the aggregated data set and analysis of 63 provinces and cities in the country in the years 2016 to 2019, the study has shown the impact of factors affecting the provincial
competitiveness index and recommended a solution to improve the PCI index for localities.

Thesis Public Defense | VNP25 - Nguyễn Duy Hậu
2022-11-28 00:00
Explore arbitrage opportunities with exchange-traded funds: an example of FUEKIV30 based on empirical evidence
Student: Nguyễn Duy Hậu, VNP-25
Supervisor: Dr. Trương Đăng Thụy
Abstract:
Exchange-traded funds (ETFs) are an efficient investing instrument, which highly absorbs investment stream, especially in emerging markets. To provide a new perspective for investors trading local-based ETFs, this study aims to investigate pricing efficiency and explore if
arbitrage opportunities exist. The author selected FUEKIV30, the newly listed ETF, to do the research. A three-step process of analysis was carried out with daily and intraday data. First, regressing the price and net asset value to see their relationship. Second, measuring the pricing efficiency with price deviation in percent to its NAV (called the premium). Finally, testing the persistency of premium with lagged variables added in succession. Results showed the two prices of FUEKIV30 moving in pairs. FUEKIV30 is trading at a minor rate of premium (1.13%) and is pricing efficiently intraday. Daily premium (0.15%) is not statistically significant but the daily mispricing calculated as absolute premium is and may possible for arbitrage. Besides, results of the persistency test of premiums recommend investors act arbitrages within five minutes of appearing during a trading day and within two days of occurring at the closing ofeach trading day. Though, investors should cogitate the cost to cover arbitrages.
Key words: Intraday data, Daily trading, Arbitrage opportunity, Exchange-traded fund, ETF, FUEKIV30, Vietnam, HOSE, Premium, Discount, Price Deviation, Mispricing.
JEL codes: B41, E44, G12, G14

Thesis Public Defense | VNP26 - Võ Thị Minh Tuyết
2022-12-09 00:00
Impact of pandemic on financial inclusion: Throw caution to the win?

Student: Võ Thị Minh Tuyết, VNP-26
Supervisor: Dr. Lê Văn Chơn
Abstract:
This study aims to investigate the causal impact of pandemic on financial inclusion by using a wide range of textual base indexes and pandemic event studies. Using the dataset of 38 countries from 2000 to 2020, we report the novel evidence that financial inclusion declined
considerably in response to the pandemic outbreak. Noticeably, an increase in one percentage of pandemic shock can lead to a 0.15% decrease in financial inclusion. Furthermore, we include the number of factors characterizing what drives the change in financial inclusion that can moderate the adverse effect of infectious disease. We first obtain the evidence policy uncertainty can widen the detrimental effect of infectious disease on financial inclusion, and its interaction is significantly varied at different levels of policy uncertainty. Regarding the
moderation from heterogeneous factors, we found that the country with good bank performance and the lessen of lending constraint will have more chance to reduce the unfavorable impact of infectious disease on their inclusiveness of financial service. We also figure out that the government’s pandemic policy response significantly reduces the pandemic outbreak’s adverse effect. Particularly, the mandatory vaccine policy and the investment in healthcare services positively interact with the pandemic outbreak, which increases financial inclusion. Lastly,
although we confirm the significant positive treatment effect between efficiency in debt restructuring and pandemic event, the result of the pre-treatment effect does not satisfy the primary condition of counterfactual comparison. This result is sadly important because we
fairly reject any future study if they apply the simple interaction effects of efficiency in debt restructuring and the pandemic without considering the nature of the “staggered adaption” and “rollout design” of the pandemic event.
JEL Classification: G38; I15
Keywords: Pandemic, policy uncertainty, financial inclusion, bank lending, policy response, efficiency in debt restructuring

Thesis Public Defense | VNP27 - Nguyễn Tiến Hưng
2022-12-29 00:00
Land saleprice affected by flooding. A case study in Thu Duc City
Student: Nguyễn Tiến Hưng, VNP-27
Supervisor: Prof.Dr. Nguyễn Trọng Hoài
Abstract:
Flooding risk has become more increasing threat to real estate market due to the value depreciation it causes to the property. Many previous studies found the relationship between this issue fixtures such as appearance in flood-prone area, frequency, depth, and the value of house or land. However, there are lack of study about this issue in Ho Chi Minh city area. Moreover, researchers also found that an area high- urbanization like Thu Duc city, a subdivision of Ho Chi Minh city can relate to high risk of flooding. Hence, this study is necessary for officials, business and customers to help making rightful decision for investing and apply policies which minimize the flooding damage. The research applies hedonic price function to estimate the effect of urban flooding of Thu Duc city by using the announced sale price from various real estate online trading platforms as the dependent variable. All explanatory variables included several land characteristics such as area square in meters, the structural width, locational attributes and innudation risk features. The result shows that there are difference of the correlation to selling price between the levels of inundation depth. The selling price of the observation within the level 1 inundation depth will lower by 7.7 percent than the unaffected one, while the others which have higher level of inundation depth are not statistically significant.
Keywords: Flooding risk, inundation depth, hedonic pricing model, selling land price

Thesis Public Defense | VNP27 - Hoàng Nguyễn Đình Long
2022-12-29 00:00
Is being risky a part of growing your business? Evidence from Vietnam.
Student: Hoàng Nguyễn Đình Long, VNP-27
Supervisor: Assoc.Prof.Dr. Matthias Rieger & Dr. Trương Đăng Thụy
Abstract:
This study is designed to shed light on the owners’ individual risk preferences on their firms’ total factor productivity via their innovation decisions regarding products and staff by using the 4101 Vietnamese Small and Medium-sized firms panel dataset over the course of 2011 to 2015. The effects of risk aptitude of the individual on a firm’s total factor productivity calculated from the Cobb-Douglas production function, along with the usage of the Probit model to indicate the probability of firms’ innovative intentions, and later with the application of Pooled Ordinary Least Square and Random Effects model to get estimation results. The outcomes reveal a positive correlation between the individual taste of risk towards the innovation intentions for products, but this result is the opposite for staff innovation. Moreover, the gap between the performance of the two types of owners is explicit, while the risk-averse type yields a lower total amount of productivity compared to its counterparts. The total results are supported by most of the previous papers regarding the relationship between risk aptitude towards innovation intentions and total factor productivity.

Keywords: Entrepreneurship, Risk Preferences, Total Firm Productivity, Innovation, SME.

JEL Classification: L26, G32, D24, O32, P42.

Thesis Public Defense | VNP26 - Nguyễn Quốc Việt
2023-01-03 00:00
The spatial spillover effect on the institutional quality of 63 Vietnamese provinces from 2013 to 2020.
Student: Nguyễn Quốc Việt, VNP-26
Supervisor: Dr. Lê Văn Chơn
Abstract:
Institutional quality plays an essential role in the economy, helping to maintain stability and social justice to promote economic development. This study conducts an empirical analysis using the Spatial econometrics method with panel data spanning during the 2013-2020 period collected from the General Statistics Office (GSO), the Vietnam Chamber of Commerce and Industry (VCCI), and the Department of Survey, Mapping and Geographic Information Vietnam under Ministry of Natural Resources and Environment (2009). I use three models, Spatial Autoregressive Model (SAR), Spatial Durbin Model (SDM) and Spatial Error Model (SEM), to determine whether there exists a spillover effect of institutional quality across provinces and how it can be leveraged in policy-making. Although this effect has been studied in other countries, this is the first study on this issue in Vietnam. It is found that there is evidence of spatial spillover in provinces. Changes in a province’s neighbors might affect its institutional quality. It implies that the central government should create favorable environments and stimulate an active learning spirit across provinces to promote faster spillover effects. In addition, province-level leaders should take into account new policies implemented by neighboring provinces.

JEL Classification: R12, D02
Keywords: spatial models, institutional quality, a spillover effect.

Thesis Public Defense | VNP27 - Nguyễn Sơn Hà
2023-01-03 00:00
Determinants of financial inclusion – The Vietnamese households’ perspective
Student: Nguyễn Sơn Hà, VNP-27
Supervisor: Dr. Arjun Bedi & Assoc.Prof.Dr. Vo Hong Duc
Abstract:
Using the Vietnam Household Living Standard Survey (VHLSS) datasets in 2014, 2016, and 2018, this study examines financial inclusion’s key determinants from the perspective of Vietnamese households. This study investigates the effects of the determinants on each level of financial inclusion utilizing an ordered logit model. The empirical results reveal that total income per household, relative income index, and the distance of the household from the nearest financial hub are crucial factors that drive the financial inclusion level. While the total income per household plays a positive role in enhancing financial inclusion, relative income seems to have an adverse effect on the degree of financial inclusion of individuals. Besides, distance to the nearest public bank branch is also a challenge to overcome in achieving the financial inclusion goals in Vietnam in the future. Relevance to Development Studies The World Bank (2012) considers that financial inclusion stands as one of the crucial mechanisms to promote economic growth, reduce poverty, and overcome income inequality. By investigating the determinants of financial inclusion using micro-data in the Vietnamese context, this research contributes to the existing literature by providing a new perspective on Vietnamese households’ characteristics. The findings of this research can also be helpful for
scholars and policymakers regarding the new angles on the main factors that drive financial inclusion in the developing country. Policy implications have emerged based on the findings to attain the goals of financial inclusion.

Keywords: Financial inclusion, Income inequality, Relative income, Household characteristics, Vietnam.
JEL classification: O12, O15, D14, D15.

Thesis Public Defense | VNP26 - Hà Trương Minh Hiếu
2023-01-03 00:00
The effect of internal immigration on crime in Ho Chi Minh City
Student: Hà Trương Minh Hiếu, VNP-26
Supervisor: Dr. Zemzem Shigute & Dr. Phạm Khánh Nam
Abstract:
Ho Chi Minh city’s rapid urbanization and development have created a positive feedback loop. The more financially successful the city becomes, thanks to the internal migration from across the country, the more people are eager to move in and join the thriving economy.
However, this also created a Grey Rhino1 scenario where the constant influx of people is spiraling out of control. Out of many consequences that occur from an unnaturally and unplanned high concentration of population in a city that can be observed, crime rate is one of the most concerned and discussed topics. Europeans and Americans are no strangers to immigration phenomenal. Many robust observations of the link between crimes and immigration were documented. Although vary in results, most shared the conclusion that property crimes were the most positively impacted by heavy immigration. Yet, contradicting to findings of previous literature, this paper finds internal immigration has notably impacted all crimes in three criminal categories with little to no spatial impact. This is very surprising but somewhat predictable, given many flaws in the way official reports define internal immigration and the lack of transparency in how criminal data is recorded. The hard block of public access to data also contributes to the desolation of domestic research interest regarding this topic and leaves room for speculation why the population data census was closely guarded. Nonetheless, if the policy makers deem the official dataset trustworthy and
decide to act on it, the best course of action is to develop neighboring provinces and unpopulated districts to relieve the pressure from Ho Chi Minh city. While simultaneously, minimizing the frequent damage caused by natural disasters in the Center region will encourage more Center Vietnamese to hold their ground.

Keywords: Internal migration, Vietnam, Saigon, Crimes

JEL code: K3

Thesis Public Defense | VNP27 - Phạm Lê Hữu Vĩnh
2023-01-31 00:00
Socio-demographic determinants of household electricity consumption in Vietnam
Student: Phạm Lê Hữu Vĩnh, VNP-27
Supervisor: Dr. Võ Hồng Đức
Abstract:
Electricity is one of the most important types of secondary energy sources today, with the household sector accounting for a significant share of the whole world’s consumption. Climate change, fossil fuel depletion, and the current energy crisis demonstrate the urgency of each country’s policy to prepare for a period of transition to new clean power generation sources and to withstand external energy supply shocks, especially in developing countries. Traditional sources of energy are important inputs for the electric generation industry in many
developing countries. However, with the current worldwide trend of environmentally friendly policies, developing countries will have to accelerate their adaptation to this transition. Therefore, policies that promote electricity saving and efficient use of electricity are essential
in the current context.
Vietnam, a developing country with the goal of becoming Asia’s new tiger, has taken energy security as one of the government’s top policy goals. In order to reach the goal, energy conservation policies aimed at the household sector plays an important role. To make appropriate and effective policies in the context of Vietnam, it is necessary to understand the characteristics of households electricity demand.
This study is conducted to achieve the following three objectives. First, understanding the role of some of the most important socio- demographic factors that influence how households consume electricity. Second, studying the economies of scale in electricity consumption of Vietnamese households. Third, examining the degree of inequality in electricity consumption between different income groups in order to improve the current policy interventions on energy saving and inequality.
The results seem attractive. First, the three main factors of income, level of education and number of household members, along with other demographic factors, have been shown to have a significant impact on household electricity consumption behaviour. Furthermore, this study also shows the reverse causality between income and electricity consumption by applying the Three-Stages Least Squares (3SLS) approach. Second, there are economies of scale in electricity consumption depending on household size in Vietnam in 2012 and 2020. Third, the study has revealed a deep inequality in electricity consumption between different income groups, thereby highlighting the need for policy interventions to reduce energy inequality and the goal of energy security to reach.
Keywords: Vietnam, Households, Electricity consumption, Socio-demographic determinants

Thesis Public Defense | VNP27 - Nguyễn Hữu Phát
2023-01-31 00:00
The influence of trust and risk on the adoption of e-wallets: A case study in Vietnam
Student: Nguyễn Hữu Phát, VNP-27
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
This study is conducted to measure the influence of Trust, which includes Trust in Technology, Trust towards Service Provider, and Interpersonal Trust level; and Risk, which is inclusive of Perceived Risk and Risk Attitude over the adoption of E-wallets in Vietnam. While Trust in Technology, Trust towards Service Provider, and Perceived Risk were measured using direct method through three sets of Likert-scale questions; Risk Attitude and Interpersonal Trust level were measured indirectly through a Holt & Laury lottery game and two interpersonal trust level test questions. The binary model was applied to analyze the influence of those main variables as well as the demographics variables to find out how they affect the adoption of E-wallets. The results obtained indicate that Trust in Technology is statistically significantly influencing the adoption of E-wallets. This result is also in line with previous papers conducted in the past.

Thesis Public Defense | VNP27 - Trần Nguyễn Huyền Trân
2023-01-31 00:00
The effect of education on the attitude toward domestic violence: a case in Vietnam using multiple indicator cluster surveys data (MICS)
Student: Trần Nguyễn Huyền Trân, VNP-27
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
Domestic violence is a big global health problem that authorities are continually seeking to address. Raising people’s awareness of not tolerating acts of domestic violence is one of the variables that help to reduce the rate of domestic violence. This research aims to evaluate the effect of higher education levels on attitudes toward domestic violence. We used data from 3 waves of the Multiple Indicator Cluster Survey (MICS) in 2006, 2011, 2013, and 2021 with a total of around 10 thousand observations each year. The Propensity Score Matching method is applied in this paper to address the selection bias problem and therefore isolate the causality effect of education on ATDV without conducting experimental research. The findings of this research are supportive evidence for household bargaining theory, women or men with higher education levels are less likely to justify domestic violence. This result is consistent for all four data sets in this study.
Keywords: Domestic Violence, Treatment effect of education, Propensity score, Vietnam
JEL classification: J12, J18

Thesis Public Defense | VNP26 - Nguyễn Tùng Nhân
2023-01-31 00:00
The FDI spillover effect on the performance of industrial firms: Evidence from export processing zones and industrial parks
Student: Nguyễn Tùng Nhân, VNP-26
Supervisor: Dr. Trương Đăng Thụy
Abstract:
Export processing zones (EPZs) and industrial parks (IZs) of Ho Chi Minh City (HCMC) were established with the mission of attracting foreign investment, promoting export activities, and creating a premise for the integration of the Vietnamese economy with the rest of the world. However, the process of urbanization in parallel with the development of export processing zones and industrial parks has made the role of export processing zones and industrial parks vaguely represented. Beside many benefits that EPZs and IPs may have brought, many people still think that the image of export processing zones and industrial parks is disheveled, unsanitary, environmentally polluted, and not beneficial to the economy. Also, many previous studies have shown mixed evidence of the spillover effect from foreign investment. However, few studies has focused on the spillover effect of foreign investment in EPZs and IPs in HCMC. This study contributes counter-arguments by demonstrating spillover effects in projects in EPZs and IPs in HCMC. With the data provided by Ho Chi Minh city Export Processing and Industrial Zones Authority (HEPZA), the results show that there is not enough evidence to justify that spillover effect exists for HCMC EPZs and IPs.
Keywords: Export processing zones, Industrial parks, spillover effect
JEL classification: L69, O14, O25

Thesis Public Defense | VNP25 - Đoàn Minh Thùy
2023-01-31 00:00
The effect of land fragmentation on household income in Vietnam, using VARHS2018
Student: Đoàn Minh Thùy, VNP-25
Supervisor: Dr. Lê Văn Chơn
Abstract:
The purpose of this study is to investigate the effect that land fragmentation has on the revenue earned per person as a result of agricultural activities, as reported by the Vietnam Access to Resources Household Survey 2018. In addition to the land fragmentation index and factors related to soil quality (fertility, slope), the study investigates the impact of factors related to education and factors related to households, such as household size, marital status, or age of the household head. These factors are added to the model in order to determine the impact on the variable that is being studied, which is the land fragmentation index. Using the Cobb–Douglas production formula and the IV Test model to test the relationship between the independent variables and per capita income, the research results once again confirm the negative impact that land fragmentation has on income from agricultural activities per capita. Both of these models are based on the idea that there is a relationship between the independent variables and per capita income. On the other hand, there is no evidence to demonstrate that having a professional education has any effect on income.
Keywords: Land Fragmentation, Agriculture Income, Household

Thesis Public Defense | VNP25 - Trương Thị Thanh Thanh
2023-01-31 00:00
The impact of flooding on the livelihood diversity of household’s in DakLak, Vietnam
Student: Trương Thị Thanh Thanh, VNP-25
Supervisor: Dr. Phạm Khánh Nam
Abstract:
Climate change is making floods increasingly impact on people’s livelihoods, especially in rural areas, and changing farmers’ coping strategies with floods. Using interview data set of 303 households in Dak Lak, Vietnam. This study uses Poisson and logit models to assess flood factors affecting the livelihood diversification of households. Research results show that flooding has a positive impact on households’ decision-making to choose some form of livelihood diversification. At the same time, the data also show a high significance that the longer the number of years a household has lived in the flooded area, the higher their experience in dealing with floods; the younger the head of the household, the better adaptation will be.
Keywords: livehoods diversification, coping with floods, climate exchange

Thesis Public Defense | VNP27 - Hồ Nguyễn Hoàng Phúc
2023-02-09 00:00
Relationship between education, information and communication technology and international migration
Student: Hồ Nguyễn Hoàng Phúc, VNP-27
Supervisor: Dr. Hồ Hoàng Anh
Abstract:
This paper aims to examine the impacts of education, information and communication technology (ICTs) – particularly the digital connectivity provided by internet access – on bilateral migration flows in the ASEAN region. By applying the gravity framework on a collection of macroeconomic indicators, this study finds that, higher average level of education and internet access rate at the sending countries reduce emigration rate, whereas higher education level and internet access rate at the receiving countries cause immigration rate to increase. In an additional analysis, we apply the same gravity framework to migration flows from ASEAN to OECD countries. Nevertheless, the results appear to deviate from the theoretical predictions. This paper provides new direction for migration studies in the ASEAN region at the macro level. This is particularly useful since there is a shortage of micro-survey data on labor migration in the region.

Keywords: migration, education, information and communication technology, internet access, gravity model

Thesis Public Defense | VNP27 - Đặng Hữu Thanh Hà
2023-08-08 00:00
The impact of macroeconomic factors and COVID-19 pandemic on Vietnam stock price index
Student: Đặng Hữu Thanh Hà, VNP-27
Supervisor: Prof.Dr. Nguyễn Trọng Hoài
Abstract:
The study aims to examine the correlation between macro variables and the VN-Index. Macro factors used in the study include (i) money supply, (ii) industrial production index, (iii) consumer price index, (iv) exchange rate, (v) interest rates, (vi) covid-19 epidemic to analyze their impact on the VN-Index. By using the vector autoregressive estimation model (VAR) and Granger causality test in the study, it has been shown that the Vietnam Stock Price Index VN-Index is affected by macro factors that are: Inflation is measured by CPI price index, M2 Expanded Money Supply, Index of Industrial Production (IIP) and Covid-19 epidemic. With the remaining factors including Interest rate (I); The exchange rate (E), we have no basis to confirm that there are factors that have an impact on the VN Stock Price Index VN-Index. Besides, the causality test also shows that the VN-Index is not the leading indicator for macro factors and the economy because the VN-Index does not have a two-way causal effect to macro variables. From the research results, it has been shown that VN’s stock market has not operated effectively.
Keywords: Macro factors, COVID-19 pandemic, stock price index, VN-INDEX

Thesis Public Defense | VNP26 - Phan Trung Hieu
2024-01-08 00:00
The impact of COVID-19 on Vietnam’s market performances by sector: a study on return and behavior
Student: Phan Trung Hieu, VNP-26
Supervisor: Dr. Vu Viet Quang
Abstract:
Beginning at the end of 2019, the coronavirus has gradually wreaked havoc on the health and lives of individuals in the countries it has traversed, leading to significant and enduring economic damage, exacerbating the economic outlook, and precipitating a widespread recession and crisis. The primary objective of this paper is to provide valuable insights for investors and regulators, enabling them to enhance their comprehension of the stock market and the financial implications of the Covid-19 pandemic. To achieve this, we employed the event research method to analyze stock data from Thomson Reuters DataStream, focusing on 358 Vietnamese companies categorized into 11 GICS sectors and listed on the Ho Chi Minh Stock Exchange. The study period spans from January 5, 2015, to June 10, 2021. Additionally, we examined herding behavior within Vietnam’s stock market. The empirical results elucidate that the sudden onset of the Covid-19 outbreak has substantially influenced the abnormal returns and behaviors exhibited by participants in Vietnam’s stock market. Notably, the degree of this influence varies across different sectors, including transportation industrials, utilities (negative), and insurance financials (positive).
Keywords: Covid-19, Market performance, Stock Return, Herding Behavior, Vietnam industries, Event Study
JEL: G01, G14, G40

Thesis Public Defense | VNP27 - Nguyễn Lương Tâm
2024-01-08 00:00
The long-run effect of bombing on financial decision making in Vietnam
Student: Nguyễn Lương Tâm, VNP-27
Supervisor: Dr. Huỳnh Lưu Đức Toàn
Abstract:
Little is known about how bombing impacts current financial decisions. This study investigates the long-term impact of bombing on seven different financial factors. Vietnam Household Living Standard Survey (VHLSS) was employed for empirical analysis with bombing data from the Vietnam-US war to construct a panel data of 27,358 observations. The Tobit model and the method of using Instrument Variables are main econometric approaches. Results suggest that bombing intensity decreases participation in stock markets of people, but there are positive relationships between bombing intensity and other financial factors but not all of them.
Key words: Bombing; Financial decision-making; VHLSS; Tobit model.
JEL Codes: G51; G41; D91.
