VNP | Chương trình Việt Nam - Hà Lan

Thesis Public Defense | VNP28 - Nguyễn Chí Nhân
2025-06-10 00:00 (Asia/Krasnoyarsk)
Regulations and bank performance: basel II in Vietnam
Student: Nguyễn Chí Nhân, VNP-28
Supervisor: Dr. Hồ Hoàng Anh
Abstract:
This study investigates the impact of Basel II implementation on the performance of Vietnamese commercial banks from 2010 to 2024. Using a panel dataset constructed from financial statements, the research applies Random Effects Models (REM) to examine the effects of Basel II adoption on three key indicators: return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Bank-specific variables-total assets, equity capital, non-performing loans, loan loss provisions, customer loans, and short-term loans are included, along with macroeconomic controls such as GDP growth and inflation.
The empirical results indicate that Basel II adoption positively affects ROA and ROE, suggesting that strengthened capital adequacy and risk-based supervision enhance profitability and asset utilization. The effect on NIM is less consistent, reflecting a longer adjustment period for core lending profitability under stricter regulatory requirements. Non-performing loans and provisioning expenses exhibit significant negative impacts on bank performance, highlighting the critical role of asset quality. Additionally, inflation shows a positive relationship with profitability, likely due to faster lending rate adjustments compared to funding costs.
Overall, the findings emphasize that Basel II enhances long-term efficiency and financial stability but imposes short-term compliance challenges. The study provides practical insights for policymakers and bank managers to improve resilience and align with international banking standards.
Keywords: Basel II; Bank performance; Vietnamese commercial banks; ROA; ROE; NIM

Thesis Public Defense | VNP29 - Lê Quang Đông Quân
2025-02-28 00:00
The impact of internet use on financial inclusion among Vietnam’s rural households
Student: Lê Quang Đông Quân, VNP-29
Supervisor: Dr. Lê Văn Chơn
Abstract:
This thesis analyzes the relationship between internet usage and financial inclusion among rural households in Vietnam using household-level data from the 2018 Vietnam Household Living Standard Survey (VHLSS), encompassing over 25,300 households. A negative binomial model, as well as a supplement ordinal probit model, is employed to demonstrate that internet use significantly boosts the financial inclusion index of rural households. To be more specific, households that use internet are likely to use more financial products, and have the higher probability of being in the High Financial Inclusion category. As internet accessibility increases, the likelihood of households achieving higher levels of financial inclusion improves, highlighting the important role of internet access in enabling access to financial products and services. Given that internet penetration is still largely concentrated in urban areas, expanding its reach to rural regions is essential for promoting inclusive growth and improving the welfare of disadvantaged communities. The results highlight the need for making appropriate policies to develop internet infrastructure and diffusion in rural areas, as well as to maximize the economic benefits of internet adoption for rural households. These measures would help optimize the economic advantages of internet use for rural households, reflect the effort of financial institutions to bring-in underprivileged people to the mainstream financial system, and align with the Goverment’s objective of achieving inclusive growth.
Keywords: Financial Inclusion, Internet use, Rural households, Vietnam
JLT Classification: D14, L86, R51

Thesis Public Defense | VNP29 - Lê Ngọc Ánh
2025-02-28 00:00
The green path: FDI’s Influence on Asia’s sustainable economic growth
Student: Lê Ngọc Ánh, VNP-29
Supervisor: Prof. Almas Heshmati
Abstract:
This study examines the dual impact of Foreign Direct Investment (FDI) on sustainable economic growth in Asia, focusing on its effects on Green GDP, greenhouse gas (GHG) emissions, and the Environmental Performance Index (EPI). Using data from 38 Asian countries spanning 1999 to 2022 and employing a two-step GMM regression analysis, the findings reveal that while FDI positively influences Green GDP growth, it concurrently exacerbates GHG emissions and reduces EPI scores. These results underscore the paradoxical role of FDI in
fostering economic growth while posing environmental challenges. The study highlights the importance of robust environmental policies, investment in green technologies, and regional cooperation to align FDI with sustainability goals. It also emphasizes the need for a balanced
approach to leverage FDI’s economic benefits without compromising environmental integrity. This research contributes to the literature by providing a comprehensive analysis of FDI’s environmental and economic implications in the Asian context, offering policy recommendations for achieving sustainable development.

Keywords: Foreign Direct Investment, Green Economy, Sustainable Economic Growth

JEL Classification: F2, F21, O11, O44, O53,Q56

Thesis Public Defense | VNP29 - Võ Hoàng Long
2025-02-28 00:00
Son preference, fertility choices, and labor market segmentation in Vietnam
Student: Võ Hoàng Long, VNP-29
Supervisor: Dr. Hồ Hoàng Anh
Abstract:
This study investigates the interplay between son preference, fertility choices, and labor market segmentation in Vietnam using instrumental variable probit (IV-Probit) model on Vietnam Household Living Standard Survey (VHLSS) data from 2010 to 2020. The initial findings reveal that son preference contribute to lower fertility, influenced by and malepreferring stopping rules and potential sex selection trends during modernization. Using son preference as an instrument for fertility, we uncover that having fewer children increases the likelihood of labor force participation, particularly for women. It also shifts individuals away from agriculture and manufacturing toward the service sector. While women with fewer children exhibit increased opportunities in manufacturing compared to men, lower fertility also shifts them away from informal, unskilled employment or multi-job engagement, reflecting improved access to higher-quality job opportunities. These patterns align with the Feminization U Hypothesis and Unified Growth Theory, suggesting that Vietnam’s economic and demographic transitions significantly shape labor market outcomes. Policies should focus on reducing gender biases, stricter enforcement against prenatal sex selection to sustain fertility rate that avoid shrinking workforce and human capital stock. Solutions should be established for mitigating the trade-offs between childbearing and career advancement, particularly for GDP-dominant sectors.
Keywords: Vietnam, labor supply, labor segmentation, son preferences, fertility decline, differential stopping rules

JEL Classification: J01, J13, J22

Thesis Public Defense | VNP29 - Đỗ Như Nam
2025-02-20 00:00
Productivity-based capital allocation efficiency: Empirical evidence from households in Vietnam
Student: Đỗ Như Nam, VNP-29
Supervisor: Dr. Võ Hồng Đức
Abstract:
The research studies the household production model and credit program efficiencies in Vietnam. We extend prior empirical studies on Vietnam’s financial inclusion by focusing on credit constraint aspects through examining potential credit misallocation with respect to household productivity. We hypothesize that the ineffective allocation of credit results in lowered levels and reduced welfare impacts of financial inclusion, hence widening the inequality gap through production loss. Our methodology entails measuring households’ TFP through robust estimation of the household production function, specified in trans-log terms, then applying fitted Total Factor Productivity (TFP) to a Heckman’s two-step sample-selection modeling framework. The empirical strategy serves to understand households TFPs’ impact on credit program participation and amount granted, or, in other words, credit elasticities to TFPs. We find that the studied credit programs exhibit positive efficiencies, albeit reveal certain mistargeting challenges that could be enhanced in the screening and allocation process. The study aims to contribute a new perspective on barriers to financial inclusion in Vietnam, by focusing on productivity’s potential impact on credit, which in turn facilitates production and welfare.
JEL Classification: D13, D24, D61
Keywords: financial inclusion, capital allocation, household production, total factor productivity, sustainable development.

Thesis Public Defense | VNP28 - Đoàn Thị Ngọc Huệ
2025-02-20 00:00
The impact of income diversification on liquidity risk of Vietnamese commercial banks
Student: Đoàn Thị Ngọc Huệ, VNP-28
Supervisor: Dr. Nguyễn Thị Thùy Linh
Abstract:
The study analyzes and evaluates the impacts of income diversification on the liquidity risk of Vietnamese commercial banks, using data from 27 commercial banks spanning from 2005 to 2023. Income diversification is measured by the HerfindahlHirschman Index (HHI) and the ratio of non-interest income to total operational income (SHNON). The liquidity risk of the banks is assessed using the financing gap (FGAP) and the loan-to-deposit ratio (LDR). Furthermore, this study also investigates the impact of the banks’ other activities (non-interest earnings), as well as macroeconomic factors such as GDP growth, changes in money supply, and the inflation rate on liquidity risk. The results show that income diversity has a negative and significantly effect on bank liquidity risk. An increase in income diversity leads to a decrease in liquidity risk. Furthermore, ETA, EFD, SIZE and ROE positively correlate with liquidity risk, although NLP does not influence
liquidity risk. Regarding macroeconomic considerations, inflation rate negative influences liquidity risk. However, GDPG and M2C do not affect banks’ liquidity risk.

Thesis Public Defense | VNP29 - Phạm Đặng Phương Uyển
2025-02-20 00:00
Analyzing the Impact of Economic Factors on Divorce in Vietnam from 2010 to 2022
Student: Phạm Đặng Phương Uyển, VNP-29
Supervisor: Dr. Vũ Hải Anh
Abstract:
This study explores how unemployment affects the divorce rate in Vietnam, using data from 63 provinces and cities from 2010 to 2022. The findings show that unemployment creates both financial and psychological stress, leading to marital instability. Its impact is not only immediate butcontinues over time. In particular, unemployment from two years prior (lag2) continues to have a significant influence on the current divorce rate. The study also reveals gender differences in how unemployment affects marriage. When the husband becomes unemployed, the divorce rate rises due to the loss of the household’s main source of income. However, when the wife is unemployed, marriages tend to last longer, possibly due to financial dependence or societal norms. In addition to unemployment, other factors such as income inequality, poverty, crime rates, and the proportion of elderly people also play a role in divorce rates. These findings emphasize the importance of job support programs and social policies to lessen the negative impact of unemployment on marriage and family stability.

Thesis Public Defense | VNP29 - Ưng Triệu Gia Bảo
2025-01-16 00:00
Globalization on global wealth inequality: An econometric perspective
Student: Ưng Triệu Gia Bảo, VNP-29
Supervisor: Prof. Dr. Lorenzo Pellegrini & Prof.Dr. Nguyễn Trọng Hoài
Abstract:
This paper aims to investigate the complex relationship between globalization and wealth inequality between nations, using a comprehensive dataset spanning from 2000 to 2022, sourced from the World Bank, the International Monetary Fund, World Trade Organization.
By quantified wealth inequality through Theil Index, while globalization is measured using an aggregate index constructed via Principal Component Analysis (PCA), capturing dimensions such as trade openness, FDI inflows, number of trade agreements, and technological integration. Employing robust econometrics models-Pooled Ordinary Least Squares (OLS), Fixed Effects (FE), Random Effects (RE), and System Generalized Method of Moments (GMM)-this study provides an in-depth analysis of the impact of globalization on wealth distribution across countries. The results provide not an insight on a global scale but also divided into two types of markets, contributing to the academic discourse of global wealth inequality, while offering insights that could inform policies aimed at fostering a more equitable and just global economic system.
Keywords: Globalization; PCA; wealth inequality, Theil Index, GMM.

Thesis Public Defense | VNP29 - Dương Thiện Trang Thanh
2025-01-16 00:00
Material flow analysis of fossil fuel in ASEAN during the period 1980-2024
Student: Dương Thiện Trang Thanh, VNP-29
Supervisor: Assoc.Prof.Dr. Phạm Khánh Nam
Abstract:
Ten ASEAN countries are setting targets of net-zero or carbon neutrality by 2050, but their strong commitments are not apparent in COP28. Hence, my research aims to investigate material (fossil fuel) evolution and efficiency, which are critical determinants for sustainable economic development through material flow analysis (MFA) with a set of key indicators such as domestic extraction, raw material equivalent of imports and exports, and material footprint. Further, deploying panel data with the period of 1980 – 2024 and fixed effect panel regression application, I would like to examine relationship between economic growth and environmental quality based on idea of Environmental Kuznets Curve (EKC) hypothesis. The EKC is a traditional approach that captures a relationship between income growth and environmental quality mainly focusing measures of pollutions. In my scope of research, I validate EKC using material footprint that is alternative measure of environmental degradation. My study would contribute to growing literature of ASEAN circular economy (CE) that is considered as a novel concept in this region. Further, importance of MFA accounting framework is also highlighted in this research as a supportive data-based tool to track CE progress.
My results confirm a presence of inverted U-shaped between GDP per capita and raw material consumption per capita at total level. However, when specifically analyzing by income group, the analysis presents a mixture result of EKC. While inverted U-shaped between economic growth and material footprint exists in high income countries (Singapore, Brunei Darussalam) and upper-middle income nations (Thailand, Malaysia), lower-middle income countries do not show significant progress of dematerialization, exhibiting positive linear relationship between GDP and material footprint in these nations. Coupling between economic development and footprint of fossil fuel can reflect current ASEAN energy transition journey that encounters multiple overlapping constraints. While AMS are attempting to accelerate the transition towards renewable energy to reduce emission and mitigate impact of climate change, the usage of fossil fuel, especially coal, oil, and natural gas are still unavoidable for economic and industrial development. The EKC findings would emphasize that conflicting priorities to enable economic growth and improvement of environmental quality is still ASEAN’s dilemma.
Keywords: material flow analysis, material footprint, EKC hypothesis, circular economy, dematerialization, fossil fuel

Thesis Public Defense | VNP29 - Lâm Nguyễn Đỗ Khoa
2025-01-16 00:00
Relationship between push and pull factors and foreign portfolio investment in Vietnam
Student: Lâm Nguyễn Đỗ Khoa, VNP-29
Supervisor: Dr. Vũ Việt Quảng
Abstract:
This study explores the factors influencing Foreign Portfolio Investment (FPI) in Vietnam’s stock market, focusing on the interaction between macroeconomic factors and global financial conditions framed within the push-pull theory. Using monthly data from 2009 to 2024, the research applies the Nonlinear Autoregressive Distributed Lag model to examine short- and long-term relationships, considering asymmetric effects on FPI. The results show that global economic conditions significantly drive FPI inflows, while the domestic factors have mixed effects. The study also highlights short-term impacts, such as those from the COVID-19 pandemic and ETF restructuring. These findings provide useful insights for policymakers and investors and contributes to the literature by examining the asymmetric effects of
economic variables on FPI, offering a solid framework for analyzing financial markets in emerging economies.
Keywords: Foreign Portfolio Investment, Stock Market, Portfolio Balance Framework, NARDL, Macroeconomics.

Workshop: How To Build Product Innovation and Growth?
2024-12-24 00:00
Workshop: ​​​HOW TO BUILD PRODUCT INNOVATION AND GROWTH?
Thời gian: ​18g00 thứ Sáu, ngày ​03/01/2024
Địa điểm: ​H.408, 1A Hoàng Diệu, P.10, Q. Phú Nhuận
​Người trình bày: ​Tôn Đức Thăng Long, VNP Alumni, Founder, Director, CEO at Simple Academy; Product consultant at Product School Việt Nam
​Giới thiệu:
Sự phát triển vượt bậc của công nghệ trí tuệ nhân tạo (AI) đang định hình lại mọi khía cạnh của cuộc sống, tạo ra những cơ hội đột phá song song với áp lực cạnh tranh mạnh mẽ cho các doanh nghiệp. Trong bối cảnh đó, các công ty khởi nghiệp công nghệ không ngừng xuất hiện, thúc đẩy đổi mới sáng tạo với tốc độ nhanh chóng. Điều này đặt ra thách thức lớn đối với các doanh nghiệp đã tồn tại lâu năm: làm sao để thích nghi, đổi mới và duy trì vị thế dẫn đầu?
Cựu học viên VNP khóa 26, anh Tôn Đức Thăng Long với nhiều năm kinh nghiệm làm việc – giảng dạy trong lĩnh vực đổi mới sáng tạo và chiến lược tăng trưởng doanh nghiệp sẽ mang đến cho học viên VNP buổi workshop chủ đề “How To Build Product Innovation and Growth?” Đặc biệt, kinh nghiệm xây dựng chiến lược phát triển sẽ được anh Long chia sẻ theo hướng kết nối với kiến thức VNP giảng dạy trong chương trình Thạc sĩ Kinh tế ứng dụng MAE.
​
Nội dung workshop:
1. Tìm hiểu cách xây dựng Product Innovation và chiến lược tăng trưởng bền vững cho doanh nghiệp công nghệ.
2. Case Study thực tiễn và thuật toán ứng dụng trong đổi mới sáng tạo.
3. Áp dụng các công cụ phân tích từ các môn học Macroeconomics, Microeconomics, Econometrics và Data Science để xây dựng bức tranh tổng thể, đưa ra các quyết định chiến lược và vận hành doanh nghiệp hiệu quả hơn.

Thesis Public Defense | VNP29 - Ngô Minh Hiếu
2024-12-18 00:00
Digital disparity: insights from the informal economy perspective
Student: Ngô Minh Hiếu, VNP-29
Supervisor: Dr. Nguyễn Quang
Abstract:
The primary objective of this study is to explore the varied effects of information and communication technologies (ICTs) on the size of the informal economy, considering different levels of development, socio-geographic contexts, and sectors. Using three distinct datasets that capture various dimensions of the informal economy and four ICT indicators spanning the period from 2000 to 2015, the study suggests that ICTs contribute to a reduction in the size of the informal economy. However, this impact is not uniform across all contexts. First, ICTs have a greater effect on reducing the relative size of the informal economy in middle- and high-income countries than in low-income countries. Interestingly, the influence of ICTs is more pronounced in middle-income countries than in high-income ones. Second, the findings suggest that increased ICT adoption, as indicated by internet and mobile phone usage, reduces the rate of informal employment more rapidly in urban areas than in rural ones. Lastly, ICTs are associated with a more significant decline in informal employment in nonagricultural sectors than in agriculture. These findings imply that information technology can be an effective tool for governments seeking to formalize the informal sector, particularly in middle-income countries, urban areas, and non-agricultural sectors.
Keywords: Informal economy; Shadow economy; Information and Communication Technologies (ICTs); Digital divide; Digital disparity
JEL Classification: D63, E26, J46, L86, O17

Thesis Public Defense | VNP29 - Nguyễn Việt Ngân
2024-12-18 00:00
Determinants of financial inclusion in Vietnam: a comprehensive analysis
Student: Nguyễn Việt Ngân, VNP-29
Supervisor: Dr. Hồ Hoàng Anh & Dr. Ellisaios Papyrakis
Abstract:
This study focuses on analyzing the determinants of financial inclusion in Vietnam, emphasizing how socio-economic factors such as gender, age, education, marital status, income and migration influence individuals’ access to and usage of formal financial services. Financial inclusion is crucial for sustainable development, as it allows broader participation in the economy, particularly for vulnerable groups. However, despite Vietnam’s economic progress, financial inclusion levels remain below global and regional averages. The study seeks to address the role of socio-economic elements in influencing financial inclusion. Using econometric methods OLS and GLM, the research analyzes data from both demand and supply sides to evaluate financial inclusion index in Vietnam. The findings emphasizes the magnitude of education and income as primary drivers of financial access, while other factors show limited or no impact. Higher-income individuals and married households are more likely to access financial services, while lower-income groups, especially in rural areas, face barriers despite
improvements in service availability. These results suggest that policy interventions are needed to address both supply-side challenges, like service availability, and demand-side constraints, such as socio-economic disparities, to improve financial inclusion. This comprehensive analysis provides valuable insights for policymakers aiming to reduce socio-economic inequalities and enhance access to financial services in Vietnam.
Keywords: Financial inclusion; socio-economic factors; behavioral economics; demand-supply side; regional disparities; Vietnam

Thesis Public Defense | VNP29 - Đoàn Trọng Nhân
2024-12-18 00:00
The influence of economic policy uncertainty on innovation: the moderating role of education
Student: Đoàn Trọng Nhân, VNP-29
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
Our investigation purposes to empirically theories and explore the influence of global economic policy uncertainty (EPU) on countries’ innovation performance as well as the contingency conditions of this relationship. The study employs longitudinal data from World bank secondary database to examine for a straight impression of EPU on nations’ innovation outcomes. In addition, we hypothesise the moderating effects of national education. In the contrary to previous studies, which believe innovation outputs is worse as the presence of EPU, our findings shows an inverted-U relationship between EPU and innovation outcomes. In fact, EPU encourages national innovation at a moderate level of EPU and reduce innovation performance as it exceeds the EPU turning point. Furthermore, we found that education triggers the invertedU relationship flatter, suggesting the mechanisms by which educational capacity protects and sustains innovation. This study contributes to the growing body of literature investigating the influence economic policy uncertainty on innovation in scope of country level. This research offers new insights into how uncertainty may drive innovation and expands our understanding of education’s role as a moderating factor.
Keywords: Economic policy uncertainty, innovation outputs, education, inverted U-shape relationship, Asia
JEL classification: D80, G18, O39

Thesis Public Defense | VNP29 - Nguyễn Ngọc Hải Anh
2024-12-05 00:00
International trade under gender lens: paving a way for equality
Student: Nguyễn Ngọc Hải Anh , VNP-29
Supervisor: Dr. Trương Đăng Thụy, Dr. Binyam Demena
Abstract:
This research focuses on the relationship between international trade and gender equality in employment, extending beyond conventional quantity metrics to incorporate employment quality, which is a crucial dimension that remains unexplored in existing literature. By employing the Continuous Updated Estimator Generalized Method of Moments (CUE-GMM) model on cross-country data from 2000 to 2022, the study reveals the multidimensional nature of the relationship between trade and women’s employment. The findings indicate that increased female force participation, coupled with trade expansion, catalyzes the “feminization of labor” phenomenon. However, viewing from the quality of employment dimension, this employment growth is disproportionately concentrated in informal work arrangements. These patterns align with feminist economic theory’s proposition that women represent competitive advantages in international trade. To enhance productivity and maintain flexibility in international markets and global value chains, export-oriented firms might leverage the disadvantaged position of female labor to offer them informal jobs. The findings imply that considering trade’s contribution to gender equality in employment necessitates a nuanced approach that transcends the simplistic metric of job creation, with the joint consideration of the quality of these jobs. This study contributes to a more comprehensive understanding of international trade through a gender-responsive lens, aiding in developing gender-sensitive economic policies, which are essential for promoting both equity and inclusive development.

Thesis Public Defense | VNP29 - Huỳnh Thanh Huy
2024-12-05 00:00
The impact of household income on choosing healthcare facilities in Vietnam
Student: Huỳnh Thanh Huy, VNP-29
Supervisor: Prof.Dr. Nguyễn Trọng Hoài
Abstract:
Vietnam has experienced rapid economic growth since the Doi Moi reforms in 1986. This has contributed to the overall socio-economic development and increased income for the people. In addition, the healthcare system in Vietnam has received significant attention and
investment from the government through regulations and programs such as the Law on Health Insurance, the Law on Regulations on Referral of Medical Examination and Treatment, initiatives to reduce hospital overload, etc. However, there are still some shortcomings in the problem of overload in some areas, the main cause of which may be due to individuals’ behavior in choosing health facilities. Therefore, this study will examine the impact of household income on their choice of health facilities for using health services in Vietnam. Along with considering the impact of other factors such as individual and household characteristics, this paper will analyze in more detail the impact between the poorest and richest groups, among the six economic regions of Vietnam.
From the Vietnam Household Living Standard Survey 2020 (VHLSS 2020) dataset, the study found that there is inequality in the choice of health care facilities. The rich always have better access to health care facilities than the poor; in addition, people living in urban areas have a variety of choices in high-quality health care facilities. Notably, the majority of people always tend to move to higher-level health care facilities and private health care facilities for treatment, regardless of income or region of residence.
Keyword: household income, multinominal logit regression, inequality, VHLSS

Thesis Public Defense | VNP27 - Nguyễn Minh Thái
2024-10-29 00:00
Interlinkages between economic growth, urbanization, energy consumption, and emissions in eight ASEAN countries
Student: Nguyễn Minh Thái, VNP-27
Supervisor: Dr. Nguyễn Quang
Abstract:
This study analyzes the complex interlinkages between economic growth, urbanization, energy consumption, and CO2 emissions in eight Southeast Asian countries from 2005 to 2020 by constructing a simultaneous equation model (SEM) to capture the mutual influences among these variables, thereby providing a more accurate view of their interdependencies. With the strong support of the 3SLS regression method, the model accounts for endogenous relationships, allowing for a comprehensive evaluation of the feedback mechanisms between these critical economic and environmental factors. The results indicate that GDP growth significantly influences urbanization, while the industrial sector is the main contributor to rising energy consumption and CO2 emissions. Additionally, the analysis shows that a 1% increase in population leads to a 1.39% increase in energy consumption, while a 1% rise in urban population results in a 5.5% increase in CO2 emissions. This reflects the sensitivity of emissions to urban expansion, especially when poorly managed urbanization leads to greater pressure on energy infrastructure, exacerbating CO2 emissions and causing environmental and social problems. However, the study also highlights the
importance of promoting renewable energy as a key measure to mitigate the negative effects of urbanization and industrialization on the environment. These findings reinforce the need for sustainable energy policies and effective urban planning to ensure a balance between economic growth and environmental protection in Southeast Asian countries.
JEL Classification: Q2, E4, C33
Keywords: economic growth, urbanization, energy consumption, CO2 emissions, renewable energy, energy policies, urban planning, panel data.

Thesis Public Defense | VNP27 - Trần Ngọc Sơn
2024-03-27 00:00
Price-aware matrix factorization for recommend system: A case study in Vietnam
Student: Trần Ngọc Sơn, VNP-27
Supervisor: Dr. Trần Thị Tuấn Anh
Abstract:
In recent years, Vietnam has witnessed a significant transformation in consumer behavior due to the rapid expansion of the Internet and the far-reaching effects of the COVID-19 pandemic. Due to the convenience of e-commerce platforms, the growing availability of Internet services, and affordable prices, online shopping has become necessary for daily life. This shift has propelled the e-commerce industry’s continuous growth, turning it into a virtual marketplace with a diverse range of products. Advanced recommendation systems facilitate this evolution, enhancing personalization and the shopping experience. This study underscores the critical role of pricing in shaping consumer decisions, particularly during economic challenges when a significant portion of customers prefer budget-friendly retail options. The study uses the price-aware Singular Value Decomposition (PASVD) model, which considers people’s preferences and price sensitivity when making suggestions. The primary research question is, “How can the PASVD model be effectively optimized and applied to new datasets within Vietnam’s e-commerce context?” This investigation focuses on parameter optimization to improve accuracy and efficiency in tasks related to rating prediction, aiming to enhance the customer experience in Vietnam’s burgeoning e-commerce sector. This study shows that the PASVD model helps accurately suggest products in the Vietnamese e-commerce industry.
Keywords: E-commerce, Price Preference, Price Sensitivity, Personalized Recommendation, Recommender System, Collaborative Filtering, Matrix Factorization, Data Sparsity, The Number of Latent Factors, Regularization Coefficient.

Thesis Public Defense | VNP28 - Phạm Lê Quỳnh
2024-03-27 00:00
To examine the impacts of marketing-mix instruments on retail patronage of TOTO brand through retailers in the South of Vietnam
Student: Phạm Lê Quỳnh, VNP-28
Supervisor: Dr. Trương Đăng Thụy
Abstract:
This study creates a conceptual model that highlights the effects of marketing-mix instruments in elucidating consumers in terms of purchasing decision or introducing behavior. A poll was conducted by 430 consumers who already purchased to collect attitudinal and behavioral traits related to their experiences with TOTO product – a Japanese brand of sanitary wares and retail patronages’ decisions. The independent variables were synthesized using the principal component analysis method and binary response model was employed to test the relationships between the marketing-mix instrument and decision of the participants to be patronages or not. The empirical result demonstrates that four of the seven marketing-mix variables are statistically significant in patrons’ decisions to purchase TOTO items or suggest them to others when requested. Furthermore, purchasing habit and demographic characteristics, particularly the experience factor when the survey participant is the one making the purchase choice, which has a positive impact on the decision afterward. In general, this research adds to a body of knowledge that may be used as advice on whether, when and which marketing-mix instruments to establish for a sanitary-ware retailer or an interior decoration retail channel in general when dealing with the influx of elevating lifestyle of high-income consumers. Additionally, it promotes a literature for a better reference of marketing strategic value proposition in Vietnam market.
Key words: retail patronage, marketing-mix instruments, patronage’s decision, TOTO sanitary wares.
JEL classification: M30, M31

Thesis Public Defense | VNP28 - Đoàn Nam Hải
2024-03-27 00:00
The determinants of Vietnam households’ subjective well-being by using VHLSS 2010, 2012, 2014, 2016, and 2018
Student: Đoàn Nam Hải, VNP-28
Supervisor: Prof.Dr. Nguyễn Trọng Hoài
Abstract:
The thesis uses the longitudinal panel data, which are combined from the data set of VHLSS 2010 and four next data sets of VHLSS, to create three waves of data including (1) the wave of VHLSS 2010-12-14; (2) the wave of VHLSS 2012-14-16; (3) the wave of VHLSS 2014-16-18.
The empirical studies suggested that the Order Probit model is suitable for examining the dependent variable which is gathered through the quantitative question like the case of this thesis.
The research contributes to Subjective Well-being (SWB) with four worthy following:
(1) even though differentiated with some empirical studies, in the case of Vietnamese and supported by some empirical studies, female HoHHs have better SWB perceiving than that male HoHHs;
(2) among of 6 areas of Vietnam, living in the different areas lead to different perceiving of SWB, favorable for HoHH living in the Northern
Midlands and Mountains, North Centrals;
(3) in the family structure perspective, the HoHHs living in the two and three generation perceive that their SWB better than that of others;
(4) the perception on SWB from the HoHHs with the levels of education that lower than undergraduate level, and the HoHHs keeping their level of education higher over the past 5 years are better than others.

Thesis Public Defense | VNP28 - Lê Thùy Trang
2024-03-27 00:00
Impact of credit access on farmers’ investment behavior in Vietnam
Student: Lê Thùy Trang, VNP-28
Supervisor: Dr. Trương Đăng Thụy, Dr. Matthias Rieger
Abstract:
Agricultural credit is regarded as a crucial factor in economic development. Despite the importance of agricultural credit to developing countries, little is known about how such credit impacts rural household, especially in Vietnam. This thesis conducts an empirical analysis of the impact of agricultural credit on farm outcomes and household investment by employing VARHS panel data. In order to do this, we make a comparison between ordinary least squares and fixed effects method to choose the best effective method to control for unobserved heterogeneity. Then, we run multiple linear regression and find consistent evidence that access to credit leads to a growth in farm production and profit and in household welfare. Furthermore, we also provide potential channels through which credit access affects agricultural profit by analyzing the impact of credit on farm investment and conclude that credit improves farm outcomes through farm inputs and land expansion.
Key words: credit, fixed effects, rural households, Vietnam.
JEL Classification: Q12, Q14

Thesis Public Defense | VNP28 - Đặng Nguyễn Minh Duy
2024-03-27 00:00
The Impact of Overeducation on Wage
Student: Đặng Nguyễn Minh Duy, VNP-28
Supervisor: Dr. Trần Mỹ Minh Châu
Abstract:
The study uses data from the 2018 Vietnam Household Living Standard survey and the Vietnam Labor Force survey to examine the effect of education on wage in Vietnam. The findings implies that overeducation is negatively correlated to wage rate and is statistically significant. Using available data from both datasets mentioned above, this study check for robustness of OLS coefficient. Employing one instrumental variable relating to childhood neighborhood level of education, the study tries to address the endogenous relationship between wage and overeducation. The two stage least square estimate and test results indicates that the instrument is strong and exogenous, and the endogeneity between wage and overeducation leads to overestimation of overeducation. The study also tests for omitted variable bias, and the result shows that there are unobserved variables that also affect wage which leads to overeducation to be overestimated. Although the solution to solve the bias is not discussed within the scope of this study, it is among the first in this line of literature to address the omitted variable bias and empirically try to test for the existence of the bias.
Keyword: A14, Human capital theory, wage effect on education, overeducation

Thesis Public Defense | VNP27 - Huỳnh Tấn Đạt
2024-01-22 00:00
An in-depth study on stakeholder collaboration in green supply chain management and firm performance: evidence from the Vietnamese garment industry
Student: Huỳnh Tấn Đạt, VNP-27
Supervisor: Prof.Dr. Nguyễn Trọng Hoài, Dr. Elissaios Papyrakis
Abstract:
This research paper explores the pressing need for sustainability in the face of the rapidly expanding global economy, which places significant strain on the environment. The study focuses on the pivotal role of Green Supply Chain Management (GSCM) within the
transition to circular economies. It systematically investigates how collaborative approaches to green practices among supply chain partners influence a firm’s sustainability performance. Data from 13 garment manufacturing firms in Vietnam were gathered through a mixed-method approach, including surveys and interviews, and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) and benchmarking methods. The findings reveal that buyer monitoring and institutional pressures have a positive and significant impact on internal green supply chain practices. The study emphasizes the need for alignment between Vietnam’s legal framework and international standards to foster environmentally friendly supply chain practices. Furthermore, it underscores the positive relationships between both internal and external GSCM practices and performance measures. Importantly, the research highlights the essential role of green supply chain practices and collaborative efforts in enhancing sustainability and performance in the garment industry. It emphasizes the responsibility of global buyers within the supply chain in driving collaborative initiatives with suppliers and ensuring the promotion of green practices throughout the supply chain, ultimately leading to comprehensive and positive impacts on sustainability.
Keywords: Green supply chain management; stakeholder theory; stakeholder collaboration; operational performance; financial performance; environmental performance; Vietnamese garment industry.
JEL Classification: L67, Q56, Q58

Thesis Public Defense | VNP26 - Trần Nữ Vân Anh
2024-01-08 00:00
Prosperity’s paradox: unraveling the relationship between happiness and peer-to-peer lending
Student: Trần Nữ Vân Anh, VNP-26
Supervisor: Dr. Vũ Thị Hồng Nhung
Abstract:
This study explores the relationship between national happiness levels and online peer-to-peer (P2P) lending across 25 countries from 2013 to 2020. Utilizing fixed-effect models and panel data, the study integrates concepts from behavioral finance, happiness economics, and P2P lending trends. A key finding is the significant negative impact of happiness on P2P lending, suggesting that higher happiness levels are associated with reduced P2P lending activities, reflecting risk-averse financial behaviors. Interestingly, when examining whether the relationship between happiness and P2P lending expansion differs across various income levels, the study finds evidence that this negative effect of happiness on P2P lending is significant only in high-income countries. In contrast, in middle-income nations, happiness does not exhibit a significant effect on P2P lending. These insights underline the importance of economic context in the interplay between emotional factors and financial behavior.
Keywords: alternative finance, peer-to-peer lending, P2P lending, happiness.
JEL classification: C23, E22

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.

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 - 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 | 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 | 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 | 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
