Proceedings the four international conference on the sustainable economic development and business management in the context of globalisation(SEDBM 4) international conference 2021

PROCEEDINGS THE FOURTH INTERNATIONAL CONFERENCE ONSUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION SEDBM-4 FINANCIAL PUBLISHING HOUSE - 2021 ACA

PROCEEDINGS THE FOURTH INTERNATIONAL CONFERENCE ONSUSTAINABLE ECONOMIC DEVELOPMENT

AND BUSINESS MANAGEMENT

IN THE CONTEXT OF GLOBALISATION

(SEDBM-4)

PROCEEDINGS THE FOURTH INTERNATIONAL CONFERENCE ON

SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT

IN THE CONTEXT OF GLOBALISATION

(SEDBM-4)

FINANCIAL PUBLISHING HOUSE - 2021

ACADEMY OF FINANCE HO CHI MINH NATIONAL ACADEMY OF POLITICS UNIVERSITY OF GREENWICH

Welcome Notes

Dear Friends and Colleagues,

We are pleased to welcome you to the International Conference: “Sustainable economic development and business management in the context of globalisation” (SEDBM 4), which

is jointly organized by Academy of Finance (Vietnam), Institute of Economics - Ho Chi Minh National Academy of Politics and University of Greenwich (United Kingdom).

As a result of Academy of Finance, Institute of Economics - Ho Chi Minh National Academy

of Politics and University of Greenwich’s close collaboration with international partners, the International Conference SEDBM 4 brings together the world- leading experts in finance, accounting, audit, economic and business administration, serving as a point of convergence for researchers, practitioners and policy-makers to meet, share and exchange their ideas The International Conference SEDBM 4 will strive to offer not only plenty of networking opportunities, providing you with the opportunity to interact with the leading researchers from both academia and universities, but also an environment to engage in stimulating discussions about research topics and practices We are especially honoured to have:

Dr John Bruce Wells - Deloitte’s Chief of Party for the US Agency for International Development

(USAID) Vietnam Low Emission Energy Program II (V-LEEP II)

Prof.Dr Su Dinh Thanh - Principal of University of Economics Ho Chi Minh City.

We are indebted to members of the Organizing Committee particularly, Professor Nguyen

Trong Co (President of Academy of Finance, Vietnam), for their support to make this International

Conference a great success

We wish you all an intellectually stimulating and productive conference!

On behalf of the Organizing Committee,

National Teacher Assoc Prof Nguyen Trong Co

ACADEMY OF FINANCE

The Academy of Finance (AOF) is a a public and research-oriented university,

subordinated to the Ministry of Finance, Vietnam The AOF was officially

established under Decision No 120/2001/ QD-TTg dated August 17th, 2001

of the Prime Minister by integrating the Hanoi University of Finance and

Accounting (founded in 1963), the Finance Research Institution (founded in

1961) and the Financial Training Center (founded in 1995) The main site of the

Academy of Finance is located in Hanoi.

The mission of Academy of Finance is to provide expertise in research and training of professional finance and accounting to the society, the mission has been defined for our 55-year history with outstanding achievements and contributions branded by our lecturers, researchers and students The AOF established self-evaluation council since 2006 according to regulations of MOET Vietnam This council significantly helped improve the academic performance, and in April 2016, AOF was accredited by Center for Education Accreditation (CEA) – Association of Vietnam Universities and Colleges (AVUC) The accreditation result was published according to the Decision 10/QD-KDCLGD dated February 20th, 2017

of AVUC ranking AOF in top 5 best universities in Vietnam The Academy of Finance offer a high quality

of training and research through14 faculties: Fundamental Sciences, Political theories, Public Finance, Tax and Customs, Corporate Finance, Banking and Insurance, International Finance, Accounting, Business administration, economic Information Languages, Economics, Master and Doctoral training, Part-time training, two centers: Center for Languages and Informatics Training, Information Technology Center,

2 research institutes: Institute for International Finance Education (IIFE) and Institute of Economics and Finance and 13 support divisions

AOF offers a rich training programs included ordinary undergraduate/graduate programs spread in 06 academic majors: Finance and Banking, Accounting and Auditing, Business Administration, Management Information, Economic and Financial English, Economics The AOF also offer to international and

Vietnamese students with different choices partially/totally taught in English such as High Advanced Program

or Dual Degree Programme (DDP - a Joint Training Progamme between the Academy of Finance (Institute

of International Finance Education) and the University of Greenwich (UK) Throughout its history, AOF’s qualified scientists and lecturers have been supporting more than 85,000 students including 5,000 masters and 300 doctors and additionally 500 international students for Laos and Cambodia in the last 55 years Significantly, a large number of AOF’s graduates are leaders of the Government, ministries, local authorities and businesses The academy has also been recognized for conducting thousands of valuable research projects for the policy makers in economic development of the State The rich tradition and custom makes AOF unique among the other universities and colleges in Vietnam and attracts thousands of learners to study at the academy annually

The valuable contributions of AOF to the development of the State in training and doing research has been respected publicly, the academy has been recognized with national unique awards Many AOF alumni are key people in the Government and Local Administrations In the process of globalization and the advent of the Industry 4.0, the AOF Management Board sets out following major development directions:

- Intensively develop training and research performance, maximize the core values to adapt to the emerging demands of the intellectual economy and the Industry 4.0

- Diversify training courses, renovate academic management measures, improve the professional capacity, and improve self-study spirit with creativity and experience

- Improve the research capacity in the manner that harmonizes fundamental studies with applied studies Actively and comprehensively integrate into regionalization and globalization process regarding training, capacity building and research activities

- Conduct academic management reform in close relation with financial autonomy and social accountability, create a new academic environment with high openness, creativity and internationalism, continuously attract excellent staffs and scholars to work and do research at AOF

UNIVERSITY OF GREENWICH

The University of Greenwich is a public and research-oriented university

located in London, in the United Kingdom It has three campuses in London

and Kent, England These are located at Greenwich, in the grounds of the Old

Royal Naval College, and in Avery Hill and Medway Previous names include

Woolwich Polytechnic and Thames Polytechnic.

The university’s range of subjects includes architecture, business, computing,

mathematics, education, engineering, humanities, maritime studies, natural

sciences, pharmacy and social sciences.

The university dates back to November 1891, when Woolwich Polytechnic, the second-oldest polytechnic in the United Kingdom, opened in Woolwich In 1970, Woolwich Polytechnic merged with part of Hammersmith College of Art and Building to form Thames Polytechnic In the following years, Dartford College (1976), Avery Hill College (1985), Garnett College (1987) and parts of Goldsmiths College and the City of London College (1988) were incorporated

In 1992, Thames Polytechnic was granted university status by the UK government (together with various other polytechnics) and renamed University of Greenwich in 1993 In 2001, the university gave

up its historic main campus in the Bathway Quarter in Woolwich, relocating to its current main campus in Greenwich, a UNESCO World Heritage site on the banks of the River Thames, and close to the financial centres of the City and Canary Wharf The location is genuinely unique combining the advantages of such a beautiful and historic setting with being 15 minutes by light rail from the centre of London

The campus is home to the Business School and the Faculty of Liberal Arts and Sciences The campus also includes university’s Greenwich Maritime Institute, a specialist maritime management, policy and history teaching and research institute

The Business School at the University of Greenwich combines strengths in teaching and research with

an emphasis on equipping our students with the practical knowledge and skills sought by employers It offers a compre-hensive range of high-quality undergraduate degrees through five departments: Accounting

& Finance; International Business & Economics; Human Resources & Organisational Behaviour; Marketing, Events & Tourism; Systems Management & Strategy Many of the programmes are accredited by key UK professional bodies and course content is constantly revised to reflect cur- rent business priorities and the demands of employers

The campus has a large library at Stockwell Street in the centre of Greenwich which houses an extensive collection of books and journals, language labs and a 300-PC computing facility Other facilities include specialist computer laboratories including one at Dreadnought centre, a TV studio and editing suites The Stephen Lawrence Gallery at the Stockwell Street building, showcases the work

of contemporary artists and is linked to the Department for Creative Arts

Ho Chi Minh National Academy of Politics is a national Centre for training and

researching on political theories and a consultancy body of the Communist

Party of Vietnam The Academy has four Sub-academies in across Vietnam and

the Academy of journalism and propaganda with nearly 2,200 employees

Since its initial foundation as a Party school under the name of Nguyen Ai

Quoc, the Ho Chi Minh National Academy of Politics has gone through its 68

years of development.

As the subordinate organization of both the Central Executive Committee of the Vietnam Communist Party and the Government, subjected to ongoing and direct leadership of the Politburo and the Secretariat, Ho Chi Minh National Academy of Politics has made significant contribution to the Party’s cause of cadre training and theoretical research, the revolutionary cause

of national liberation and the construction and protection of the Socialist Republic of Vietnam The development of the Academy has always been closely linked to the revolutionary cause of the Party and the People Over the years, consistent with the strategic goals and missions, the Ho Chi Minh National Academy of Politics has always been in line with its strategic missions and goals, fulfilled the political tasks assigned by the Party, the State and the People The Academy has always held onto and taken the lead in the political, ideological and theoretical fronts, thus protecting the core values of Marxism, Leninism, Ho Chi Minh Thought and guidelines of the Party Generations of the Academy’s graduates have well performed their job in different fields

of politics, economy, society, culture, external affairs, security and national defence, etc Many

of them are holding key positions in the political system of the country During its history, the Academy has made great contributed to the personnel training and theoretical research of the Party, served the revolution for national liberation, construction socialism and protected the Socialist Republic of Vietnam In the 21st century - the century of globalization, information and knowledge sharing and intellectual integration has intensified the demand for training the leaders, managers and strategic cadres for the Party and State; central and local organizations and institutions This is both the challenge and opportunity for the Academy to continue its mission in academic and scientific affairs, building on the history and traditions and contributing

to the glorious cause of the Party and the nation

Institute of Economics, Ho Chi Minh National Academy of Politics was founded in 1960 and has been in charge of providing courses of economic development and economic management to high-ranking officials in the political system of Vietnam The Institute also has Master and Ph.D programs in economic development and economic management Currently, the Institute has about

38 employees, including 11 associate professors, 11 Doctors of Economics, 14 masters and 2 bachelors The Institute and its faculties have published hundreds of books and articles in national and international journals

NATIONAL TEACHER ASSOCIATE PROFESSOR NGUYEN TRONG CO

PRESIDENT OF THE ACADEMY OF FINANCE

National teacher Assoc Prof Nguyen Trong Co is the President of the Academy

of Finance He has been working for the Academy of Finance since he was

young and played different roles as Lecturer, Head of Financial Analysis

Department, Deputy Head of Human Resources Department before becoming

Vice President of the Academy of Finance He was nominated as the President

of Academy of Finance in 2014 and has been in that position so far.

He is the Editor of the Journal of Finance and Accounting Research and serves the Scientific Board of

Finance Research Sector as Vice President and a member of Scientific Board of Banking Research Sector.

He was also nominated as honor member of FCPA Australia

Assoc Prof Nguyen Trong Co is the author/coauthor of more than 21 valuable text books and supplementary materials such as “Financial Analysis”, Finance Publishing House, 2017, “Auditing management and Usage of mineral resources for sustainable development in Viet Nam”, Finance Publishing House, 2016 and etc

He has researched actively with more than 20 research projects spread on different fields: Corporate Finance and public finance, and Technological Markets In the Academy of Finance, he has published more than 70 articles in both local journals and international journals

DR NICK HAND DIRECTOR OF PARTNERSHIPS AND INTERNATIONAL IN THE UNIVERSITY OF

GREENWICH BUSINESS SCHOOL

Nick Hand qualified with the ACCA in 1993, holds a Masters degree in

Operational Research and is a Senior Fellow of the Higher Education Academy

Nick is Director of Partnerships and International in the University of Greenwich

Business School.

He was previously the Head of Department of Accounting and subsequently spent six years posted overseas, based in China, developing the Business School’s international partnerships He has substantial experience in the development of academic programmes both at the UK campus and at partner institutions internationally and particular in the South-East/East Asia region Nick’s research interests are in the areas of efficiency measurement and his publications are mainly in this area and particularly in the area of the application of mathematical models of measuring bank efficiency

He has expertise and experience in teaching and doing research on economic management and economic institutions He is the author or co-author of more than ten books and textbooks and has published more than

50 articles in national and international economic journals

KEYNOTE SPEAKERS

DR JOHN BRUCE WELLS

Dr John Bruce Wells is Deloitte’s Chief of Party for the US Agency for

International Development (USAID) Vietnam Low Emission Energy

Program II (V-LEEP II) that helps assess and implement policies that

accelerate deployment of solutions that promote clean energy in Vietnam. 

Prior to serving USAID on several programs in Asia, he was a Partner with ERM Indonesia, the President of Citizens International, and the Director of Private Sector Initiatives for Chemonics

In these roles he helped global companies such as BP, Exxon Mobil and Vale meet their corporate sustainability commitments in developing country operations He was also founder and President

of The Bruce Company, a two-time Inc 500 firm that helped launch premier partnerships such

as Energy Star; and helped launch the U.S Green Building Council which operates the LEED building certification program

KEYNOTE SPEAKERS PROF.DR SU DINH THANH

Prof.Dr Su Dinh Thanh - Principal of University of Economics Ho Chi Minh City

Former Editor-in-Chief  of the Journal of Asian Business and Econonomic

Studies (JABES)

Mr Su has over 30 years of teaching and research experience in finance and

banking Recently, Mr Su has a significant contribution to developing JABES

as a Vietnam’s first international journal, which is published on Emerald

He has been serving academies and universities, and giving lectures and seminars to several universities, and invited by many universities to present papers or conduct seminars He is the chairman of international conference ACBES (UEH) in 2018, 2019 and 2020 He has published

10 books and published more than one hundred papers including papers published in Economic Analysis and Policy, Research in International Business and Finance, International Economics, Annals of Public and Cooperative Economics, Centre of Sociological Research, Finance Research Letters, Climate and Development, International Journal of Energy Economics and Policy, Theoretical Economics Letters, Journal of Chinese Economic and Business Studies, Review of development finance, International Journal of Energy Economics and Policy, Economic Systems, Journal of Economic Development

1 BOARD OF DIRECTORS

1 Assoc Prof Dr Nguyen Trong Co Director of Academy of Finance Chairman

2 Assoc Prof Dr Truong Thi Thuy Deputy Director of Academy of Finance Deputy Chairman

3 Assoc Prof Dr Nguyen Vu Viet Deputy Director of Academy of Finance Deputy Chairman

4 Dr Nguyen Dao Tung Deputy Director of Academy of Finance Deputy Chairman

5 Assoc Prof Dr Bui Van Huyen Director of the Institute of Economics - Ho Chi Minh

National Academy of Politics

Deputy Chairman

6 Assoc Prof Dr Ngo Thanh Hoang Head of Scientific Management, Academy of Finance Commissioner

2 ORGANIZATION BOARD

1 Assoc Prof Dr Truong Thi Thuy Deputy Director of Academy of Finance Chairman

2 Dr Nguyen Dao Tung Deputy Director of Academy of Finance Deputy Chairman

3 Assoc Prof Dr Ngo Thanh Hoang Head of Scientific Management, Academy of Finance Commissioner

4 Dr Nicholas Hand Director of International Affairs for the Business Faculty,

Greenwich University (UK)

Commissioner

5 Assoc Prof Dr Nguyen Ngoc Toan Deputy Director of the Institute of Economics - Ho Chi Minh

National Academy of Politics

Commissioner

6 Dr Do Tat Cuong Main lecturer of the Institute of Economics - Ho Chi Minh

National Academy of Politics

Commissioner

7 Assoc Prof Dr Chuc Anh Tu Head of the International Affairs, Academy of Finance Commissioner

8 Dr Nguyen Thi Thuy Nga Deputy Head of Scientific Management, Academy of Finance Commissioner

9 Assoc Prof Dr Nguyen Manh Thieu Head of Human Resources, Academy of Finance Commissioner

10 MSc Nguyen Le Mai In charge of Finance and Accounting department, Academy of Finance Commissioner

11 Assoc Prof Dr Nguyen Le Cuong Chief of staff, Academy of Finance Commissioner

12 Dr Trinh Thanh Huyen Deputy Director of Institute of International Finance Education,

Academy of Finance

Commissioner

13 Assoc Prof Dr Nguyen Xuan Thach Head of Education Management, Academy of Finance Commissioner

14 Assoc Prof Dr Nguyen Trong Than Head of Postgraduate Faculty, Academy of Finance Commissioner

15 Assoc Prof Dr Pham Ngoc Dung Dean of Public Finance Faculty, Academy of Finance Commissioner

16 Assoc Prof Dr Le Xuan Truong Dean of Custom and Tax Faculty, Academy of Finance Commissioner

17 Assoc Prof Dr Mai Ngoc Anh Dean of Accounting Faculty, Academy of Finance Commissioner

18 Assoc Prof Dr Dao Thi Minh Thanh Dean of Business Administration Faculty, Academy of Finance Commissioner

19 Assoc Prof Dr Vu Van Ninh Dean of Corporate Finance Faculty, Academy of Finance Commissioner

20 Assoc Prof Dr Nguyen Van Dan Dean of Economic Faculty, Academy of Finance Commissioner

21 Assoc Prof Dr Vu Duy Vinh Acting Dean of International Finance Faculty, Academy of Finance Commissioner

22 Assoc Prof Dr Doan Minh Phung Dean of Insurance and Banking Faculty, Academy of Finance Commissioner

23 Dr Luu Huu Duc Dean of Office of Student Affairs, Academy of Finance Commissioner

24 Dr Luong Quang Hien Associate Dean of Office of Party Committee Commissioner

25 MSc Pham Minh Ngoc Ha Associate Dean of Economic Information System Faculty,

Academy of Finance

Commissioner

26 Dr Pham Quynh Trang Political Theory Faculty, Academy of Finance Member

27 MSc Ngo Vut Bong Deputy Director of Information Centre, Academy of Finance Commissioner

3 EDITORIAL BOARD

1 Assoc Prof Dr Nguyen Trong Co Director of Academy of Finance Chairman

2 Assoc Prof Dr Truong Thi Thuy Deputy Director of Academy of Finance Deputy Chairman

3 Assoc Prof Dr Nguyen Vu Viet Deputy Director of Academy of Finance Deputy Chairman

4 Dr Nguyen Dao Tung Deputy Director of Academy of Finance Deputy Chairman

5 Assoc Prof Dr Bui Van Huyen Director of the Institute of Economics - Ho Chi Minh National Academy

6 Assoc Prof Dr Ngo Thanh Hoang Head of Scientific Management, Academy of Finance Deputy Chairman

7 Dr John Bruce Wells United States Agency for International Development (USAID) Commissioner

8 Assoc Prof Dr Simone Domenico

Scagnelli

Associate Dean Accounting and Finance in School of Business and Law, Edith Cowan University, Perth, Australia

Commissioner

9 Assoc Prof Dr Farhad Taghizadeh- Hesary Tokai University, Japan Commissioner

10 Prof Dr Su Dinh Thanh Principal of University of Economics Ho Chi Minh City Commissioner

11 Dr Do Tat Cuong Main lecturer of the Institute of Economics - Ho Chi Minh National

Academy of Politics

Commissioner

12 MSc Le Thach Anh Institute of Economics - Ho Chi Minh National Academy of Politics Commissioner

13 MSc Le Quynh Trang Institute of Economics - Ho Chi Minh National Academy of Politics Commissioner

14 Dr Nguyen Thi Thuy Nga Deputy Head of Scientific Management, Academy of Finance Commissioner

15 Assoc Prof Dr Chuc Anh Tu Head of the International Affairs, Academy of Finance Commissioner

16 Assoc Prof Dr Nguyen Le Cuong Chief of staff, Academy of Finance Commissioner

17 Assoc Prof Dr Le Xuan Truong Dean of Custom and Tax Faculty, Academy of Finance Commissioner

18 Assoc Prof Dr Ly Phuong Duyen Custom and Tax Faculty, Academy of Finance Commissioner

20 Assoc Prof Dr Mai Ngoc Anh Dean of Accounting Faculty, Academy of Finance Commissioner

21 Dr Nguyen Thi Hong Van Accounting Faculty, Academy of Finance Commissioner

22 Dr Nguyen Thi Phuong Tuyen Accounting Faculty, Academy of Finance Commissioner

23 MSc Nguyen Ba Linh Accounting Faculty, Academy of Finance Commissioner

24 Dr Ngo Nhu Vinh Accounting Faculty, Academy of Finance Commissioner

25 Dr Nguyen Minh Thanh Accounting Faculty, Academy of Finance Commissioner

26 MSc Nguyen Thi Van Anh Business Administration Faculty, Academy of Finance Commissioner

27 MSc Hoang Thi Hong Hanh Business Administration Faculty, Academy of Finance Commissioner

28 Dr Phung Thu Ha Public Finance Faculty, Academy of Finance Commissioner

29 Dr Nguyen Anh Quang Public Finance Faculty, Academy of Finance Commissioner

30 Assoc Prof Dr Pham Thanh Hoa Corporate Finance Faculty, Academy of Finance Commissioner

31 Dr Nguyen Truong Giang Corporate Finance Faculty, Academy of Finance Commissioner

32 Dr Bui Hà Linh Corporate Finance Faculty, Academy of Finance Commissioner

33 Dr Ngo Kim Hoa Corporate Finance Faculty, Academy of Finance Commissioner

34 MSc Nguyen Huu Tan Corporate Finance Faculty, Academy of Finance Commissioner

35 MSc Pham Thi Lan Phuong Head of Foreign Language Faculty, Academy of Finance Commissioner

36 Dr Nguyen Thi Thuy Trang Foreign Language Faculty, Academy of Finance Commissioner

37 Dr Ta Dinh Hoa Foreign Language Faculty, Academy of Finance Commissioner

38 MSc Ha Tuan Vinh International Affairs Department, Academy of Finance Commissioner

39 MSc Mai Thi Lan Anh Scientific Management Department, Academy of Finance Commissioner

40 Dr Nguyen Hong Chinh Scientific Management Department, Academy of Finance Commissioner

41 MSc Nguyen Thi Thanh Huyen Scientific Management Department, Academy of Finance Commissioner

MỤC LỤC

INTRODUCTORY REMARKOF THE 4TH INTERNATIONAL CONFERENCE ON SUSTAINABLE ECONOMIC DEVELOPMENT

AND BUSINESS DEVELOPMENT IN THE CONTEXT OF GLOBALIZATION (SEDBM 4) 1

1 BANKING SECTOR AND ECONOMIC GROWTH – WHICH HYPOTHESIS IS VERIFIED IN VIETNAM?

Nguyen Ngoc Truong, PhD Tran Thanh Thu, MA Vu Duc Kien, PhD Nguyen Thi Bao Hien, MA Nguyen Minh Tuan 3

2 THE AUTONOMY OF PUBLIC MUSEUMS AS SEEN FROM STAKEHOLDER THEORY

Ass Prof Dr Nguyen Trong Co, PhD Phung Thanh Loan 17

3 INNOVATION IN THOUGHT AND VISION: CREATING A RESOURCE FOR NATIONAL SOCIO-ECONOMIC DEVELOPMENT

IN THE PERIOD OF 2021 – 2030

Assoc Prof PhD Hoang Phuc Lam 24

4 MEASURING THE NON-LINEARITY OF CALORIE – INCOME RELATIONSHIP: AN INTERNATIONAL PERSPECTIVE

PhD Do Tat Cuong, Assoc Prof. Dr Nguyen Vu Viet 32

5 WHAT AFFECT FIRMS’ BRIBERY? AN EMPIRICAL ANALYSIS OF SMALL AND MEDIUM FIRMS IN VIETNAM

Assoc Prof Nguyen Ngoc Toan 46

6 PRESENTATION OF DEFERRED INCOME TAX INFORMATION ON

FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL PRACTICE

Dr Do Minh Thoa 55

7 SOLUTION TO BALANCE THE TRADE BALANCE OF VIETNAM WITH KOREA

Assoc Prof Dr Nguyen Tien Thuan 73

8 IMPACT OF HUMAN CAPITAL TO VIETNAM’S ECONOMIC DEVELOPMENT

Assoc.,Prof Dr.Nguyen Thi Ha, Ta Bich Phuong, Nguyen Thai Ha Thuong 83

9 CREDIT POLICY CONTRIBUTES TO ECONOMIC DEVELOPMENT AND SUSTAINABLE BUSINESS IN VIETNAM

Assoc Prof Dr Ha Minh Son .91

10 FACTORS AFFECTING FOREIGN DIRECT INVESTMENT ATTRACTION IN NGHE AN PROVINCE

PhD student Banh Thi Thao 98

11 VIETNAM HUMAN RESOURCE IN INDUSTRIAL REVOLUTION 4.0

PhD Tran Phuong Anh, PhD Nguyen Thi Thuy Nga, PhD Luong Quang Hien 109

12 EXTRACTION RATE OF MINERAL RESOURCES FOR SUSTAINABLE DEVELOPMENT

PhD Nguyen Thi Thuy Huong, MA Nguyen Thanh Huyen 115

13 FINANCING CLIMATE CHANGE ADAPTATION: INTERNATIONAL LESSONS

PhD Pham Thi Hoang Phuong, PhD Phung Thu Ha 123

14 THE ROLE OF THE STATE IN THE HARMONIOUS SETTLEMENT OF

ECONOMIC INTERESTS IN THE SOCIALIST-ORIENTED MARKET ECONOMY IN VIETNAM TODAY

Master Hoang Thi Hong Hanh, PhD Nguyen Chi Thien 134

15 AUDIT AND ASSURANCE SERVICE FOR CORPORATE SOCIAL RESPONSIBILITY REPORT OF COMPANY IN VIETNAM:

FROM THEORY TO PRACTICE

PhD.Dinh Thi Thu Ha, PhD.Nguyen Dang Thuan, PhD.Nguyen Phi Hung 144

16 DETERMINANTS OF DIVIDEND PAYOUT DECISIONS – PUBLICLY

LISTED TRANSPORTATION CONSTRUCTION ENTERPRISES OPERATING IN VIETNAM MARKET

MSc Nguyen Thi Thuy Dung 154

17 IMPACT OF EPS ON MARKET PRICES AND MARKET RATIOS IN TRANSPORTATION CONSTRUCTION COMPANIES IN VIETNAM

Assoc Prof Vu Van Ninh, MSc Nguyen Thi Thuy Dung, MA Vu Van Khien 161

18 CENTRAL BANK DIGITAL CURRENCY – THE ROADMAP FROM THEORY TO PRACTICE

PhD Ngo Duc Tien 168

19 THE IMPACT OF COVID-19 ON VIETNAMESE FEMALE LABOUR: FROM SOCIAL ECONOMIC PERSPECTIVE AND POLICY

RECOMMENDATIONS

PhD Tran Phuong Thuy 180

20 ANALYSIS OF MACRO FACTORS AFFECTING THE PROMOTION OF VIETNAM’S DIRECT INVESTMENT INTO ASEAN COUNTRIES

Associate Professor Dr Nguyen Trong Than, PhD student Dao Duy Thuan 187

21 GOVERNMENT SUPPORTS AND CSR PRACTICE: A LITERATURE REVIEW AND PROPOSED RESEARCH IDEA FOR VIETNAMESE SMES

Assoc Prof. Dr Mai Ngoc Anh1, PhD Nguyen Minh Thanh 199

22 INTERNAL FACTORS IMPACT ON THE QUALITY OF FINANCIAL STATEMENTS OF LISTED COMPANIES IN VIETNAM

MSc Tran Thi Nguyet Nga 210

23 FINTECH AND SUSTAINABLE DEVELOPMENT OF VIETNAM’S FINANCIAL MARKET IN THE CONTEXT OF COVID-19

MSc Thanh Huyen Bui 222

24 SOME SOLUTIONS FOR SUSTAINABLE REAL ESTATE MARKET DEVELOPMENT

PhD Vuong Minh Phuong 233

25 SOLUTIONS TO ENHANCE ACCOUNTING MANAGEMENT, CONTRIBUTING

TO STRENGTHENING INTERNAL CONTROL VIA ECONOMETRIC MODEL - A CASE IN LAF, VIETNAM

PhD Hoang Thanh Hanh 241

26 LEASE ACCOUNTING UNDER IFRS 16 IN VIET NAM

Dr Bui Thi Hang 253

27 THE DEVELOPMENT OF GREEN CREDIT AT COMMERCIAL BANKS IN VIET NAM

PhD Tran Thi Lan, PhD Hoang Thi Bich Ha 259

28 GREEN CONSUMPTION IN THE CONTEXT OF COVID-19 IN VIETNAM

MSc Tran Thi Hien 266

29 FISCAL POLICIES SUPPORTING GREEN GROWTH IN VIETNAM ISSUES POSED

Dr Nguyen Thi Thanh 278

30 STATE MANAGEMENT OF THE ECONOMY DECENTRALIZATION: FACTORS AFFECTING AND REQUIREMENTS IN VIETNAM

Postgraduate Do Van Hai 283

31 TAX MANAGEMENT IN THE SHARING ECONOMIC MODEL IN VIETNAM

Assoc Prof. Dr Vuong Thi Thu Hien, Post-graduate Mai Son, Post-graduate Pham Xuan Thang 292

32 THE IMPACT OF MACROECONOMIC FACTORS ON THE VIETNAM’S STOCK MARKET

Assoc Prof Dr Pham Thi Thanh Hoa, Ta Ngoc Duc 303

33 FACTORS AFFECTING SUSTAINABLE GROWTH OF PLASTIC BUSINESSES IN VIETNAM

MSc Tran Phuong Thao 319

34 PROMOTING EXPORTS OF HANOI CITY IN THE CONTEXT OF IMPLEMENTATING NEW-GENERATION FREE TRADE AGREEMENTS

Associate professor Doctor Vu Duy Vinh, Master Tran Thi Thu Nga 330

35 ASSESSMENT OF THE SITUATION OF THE GREEN ECONOMY IN VIETNAM

MA Nguyen Tien Duc, MA Nguyen Thi Mai Phuong 339

XXVIISUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION (SEDBM-4)

36 LAW ON PROPERTY TAX IN VIETNAM WITH THE ECONOMIC DEVELOPMENT

Associate professor Dr Le Thi Thanh 346

37 ENHANCE THE ROLE OF THE CENTRAL BUDGET IN VIETNAM’S STATE BUDGET SYSTEM

PhD Pham Thi Thanh Van 355

38 THE ROLE OF GOVERNMENT MANAGEMENT IN SUSTAINABLE DEVELOPMENT OF REAL ESTATE COMPANIES IN VIETNAM

Dr Nguyen Ho Phi Ha, MA Vu Thi Phuong 365

39 MOBILIZING INVESTMENT CAPITAL FOR HUMAN RESOURCES FOR TOURISM DEVELOPMENT IN NGHE AN PROVINCE

M Fin Nguyen Thanh Huyen 374

40 INTERNATIONAL EXPERIENCES ON LAND PRICE POLICY AND LESSONS LEARNED FOR VIETNAM

PhD Tran Thi Thanh Ha, MA Lam Thi Thanh Huyen, Assoc Prof. Dr Vu Van Ninh 380

41 HOA PHAT GROUP’S OPERATIONS IN THE CONTEXT OF GLOBALIZATION

Dr Pham Thi Quyen, MA Nguyen Huu Tan 387

42 THE GLOBAL REPORTING INITIATIVE STANDARDS FOR SUSTAINABILITY DISCLOSURE

Assoc Prof Dr. Ngo Thi Thu Hong, MA. Le Thi Yen Oanh 395

43 VIETNAMESES ACCOUNTING SYSTEM DEVELOPMENT IN THE CONTEXT OF INTERNATIONAL INTEGRATION

Dr Tran Hai Long , Dr. Ngo Van Luong 403

44 ACTIVITIES OF CONSTRUCTION INDUSTRY SECTOR IN VIETNAM IN THE CONTEXT OF GLOBALISATION

MSc Nguyen Thu Thuong 410

45 IMPACTS OF CLIMATE CHANGE ON VIETNAM’S ECONOMY

PhD Bui Tien Hanh, PhD Le Thi Dan Dung 415

46 FACTORS THAT INFLUENCE THE QUALITY OF ACCOUNTING INFORMATION SYSTEM IN VIETNAM MANUFACTURING ENTERPRISES

PhD Dang Thu Hang, PhD Nguyen Thi Thuan 421

47 FINANCIAL AUTONOMY IN PUBLIC HIGH SCHOOLS IN CAO BANG PROVINCE – SITUATION AND POLICY RECOMMENDATIONS

Dr Nguyen Dao Tung, Ass Prof Dr Nguyen Manh Thieu, MA Ngo Thi Thuy Quyen 434

48 FINANCIAL AUTONOMY IN PUBLIC HEALTHCARE ENTITIES IN CAO BANG PROVINCE

Ass Prof Dr Ngo Thanh Hoang; Ass Prof Dr Nguyen Xuan Thach, Dr Hy Hai Yen; MA Pham Thanh Ha 443

49 HUMAN RESOURCE RISK MANAGEMENT IN PRINTING ENTERPRISES

PhD Dao Thi Huong, PhD Nguyen The Anh, PhD Cao Minh Tien 452

50 ATTRACTING FOREIGN INVESTMENT CAPITAL INTO VIETNAM IN THE CURRENT CONTEXT OF INTERNATIONAL

INTEGRATION AND THE COVID-19 PANDEMIC

MAc Nguyen Phu Tuan Anh 466

51 SOLUTIONS TO PROMOTE THE NIGHT-TIME ECONOMY IN VIETNAM

Assoc Prof. Dr Pham Tien Hung,Dr Nguyen Thi Thanh Phuong, MBA Pham Thi Xinh 475

52 MANAGEMENT FOR ACTIVITY-BASED COSTING FOR MANUFACTURING ENTERPRISES

Assoc Prof PhD Tran Quoc Thinh, MFB Le Xuan Thuy 484

53 PUBLIC INVESTMENT TOWARDS GREEN GROWTH AND SUSTAINABLE DEVELOPMENT

Dr Pham Thai Ha 488

54 ENHANCING LINKAGES AND COLLABORATIONS BETWEEN LOCALITIES IN THE RED RIVER DELTA IN ORDER TO

ATTRACT FOREIGN DIRECT INVESTMENT

MSc Trieu Van Huan, MSc Tran Thi Phuong Thao 499

55 FACTORS AFFECTING THE APPLICATION OF MANAGERIAL ACCOUNTING IN VIETNAMESE SMALL AND MEDIUM

SIZED ENTERPRISES

PhD Pham Hoai Nam, MA Nguyen Thi Binh 514

56 ENHANCING RETAIL INDUSTRY PERFORMANCE TO MEET DIGITAL TRANSFORMATION REQUIREMENTS

MSc Tran Thi Nguyet Nga, MSc Nguyen Thu Hien 524

57 IMPROVING THE EFFICIENCY OF FINANCIAL MANAGEMENT OF LOCAL PUBLIC UNIVERSITIES

PhD.Student Le Duc Dat 534

58 EXPANDING TAX BASE IN VIETNAM

Post-Graduate Le Manh Thang 541

59 ADVANTAGES AND DIFFICULTIES IN APPLYING PERFORMANCE MEASUREMENT SYSTEM IN ENTERPRIES IN VIETNAM

MA Hoang Thi Kim Ung 552

60 REVIEWING THE ROAD OF INNOVATION IN ECONOMIC GROWTH MODEL IN VIETNAM

Dr. Hoang Thi Bich Loan 558

61 DEVELOPMENT OF THE DIGITAL ECONOMY IN VIETNAM IN THE CONTEXT OF INDUSTRIAL REVOLUTION 4.0

PhD Le Thi Hong Nhung, BBA Nguyen Manh Chien, MA Vu Thi Hong Tham 572

62 SOME RECOMMENDATIONS ON THE CHOICES OF BROADENING THE EXCISE DUTY BASE IN VIETNAM

Assoc PhD Le Xuan Truong, PhD Nguyen Dinh Chien, PhD Nguyen Hoang Tuan, MSCs Nguyen Thuy Trang 579

63 THE RELATIONSHIP BETWEEN ECONOMIC GROWTH AND CULTURAL DEVELOPMENT DURING THE FOURTH INDUSTRIAL

REVOLUTION

PhD Nguyen Ngoc Anh, PhD Ho Thi Ha 591

64 FACTOR AFECTING CONSUMER BUYING BEHAVIOR IN THE CONTEXT OF COVID 19

PhD Nguyen Thi Nhung, MA Nguyen Linh Phuong, PhD Nguyen Thi Phuong Ngoc 599

65 MEASURES TO PREVENT ILLEGAL USE OF INVOICES AND USE OF ILLEGAL INVOICES

PhD candidate Truong Thi Thu Ha 609

66 POLICY TO ATTRACT SUSTAINABLE FDI IN VIETNAM IN THE CURRENT CONTEXT

MA Le Nhu Quynh 617

67 PROMOTE FAST AND SUSTAINABLE DIGITAL ECONOMIC DEVELOPMENT IN VIETNAM - CHALLENGES AND SOLUTIONS

MA Bui Xuan Hoa, BBA Nguyen Thi Ngoc Oanh, BBA Dinh Dieu Linh 631

68 THE URBANISATION FOR SUSTAINABLE DEVELOPMENT IN VIETNAM

Associate Prof Dr Nguyen Van Phuc, Dr Tamsin Baber, Dr Ho Thi Hoa 637

69 FINANCIAL POLICY FOR FDI ATTRACTION IN VIETNAM – SITUATION AND ISSUES

Assoc Prof. PhD Bui Van Van, PhD Bach Thi Thanh Ha, PhD Dang Phuong Mai 649

70 DEVELOPMENT OF INVESTMENT BANKING MODELS IN VIETNAM IN GLOBALIZATION CONDITIONS

PhD student Tran Van Hai, PhD Le Thi Huong 660

71 ATTRACTING FOREIGN DIRECT INVESTMENT IN HIGH-TECH AGRICULTURE SECTOR IN VIETNAM

MSc Pham Thi Kim Len 671

72 FACTORS INFLUENCING THE SUSTAINABLE URBANISATION IN VIETNAM

Dr Nguyen Thanh Hai, Dr Nguyen Thi Nhung, Dr Le Thi Thuy 679

73 GREEN FINANCIAL DEVELOPMENT IN VIETNAM – RECOMMENDATIONS

Assoc Prof Dr Nhu Trong Bach, PhD Student Dao Duy Thuan, MA Cao Minh Hanh 690

74 DIGITAL TRANSFORMATION FOR SUSTAINABLE DEVELOPMENT

IN THE CONTEXT OF CORONAVIRUS DISEASE – A CASE FROM VIETNAM

PhD Nguyen Thuy Linh, Assoc Prof. Dr Truong Thi Thuy, PhD Nguyen Hong Chinh 703

75 SOLUTIONS FOR ADJUSTING THE STRUCTURE OF STATE BUDGET REVENUE

BY ECONOMIC SECTOR TO IMPROVE THE SUSTAINABILITY OF STATE BUDGET REVENUE IN VIETNAM

Master Vu Thi Tam Thu 716

XXIXSUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION (SEDBM-4)

76 IMPACTS OF TRADE PROTECTION BY TARIFFS ON GDP, IMPORTS AND EXPORTS: APPROACHING TO NIGEM MODEL

FOR THE CASE OF VIETNAM

Assoc Prof. Dr Phan The Cong, Assoc Prof. Dr Vu Duy Nguyen 728

77 LIGHTING UP NIGHTTIME ECONOMY IN VIETNAM - FROM PRACTICES, PLANS TO POLICY IMPLICATIONS

PhD Phan Tien Nam, PhD Le Thanh Ha 742

78 DEMAND FOR HIGH QUALITY HUMAN RESOURCES IN BANKING AND FINANCE SECTORS AND SOME SUGGESTED TRAINING SOLUTIONS TO MEET THE NEEDS OF INDUSTRIAL REVOLUTION 4.0

PhD Pham Quynh Trang, BBA Nong Phuong Huyen, MA Nguyen Thanh Huyen 758

79 EXPLORING FACTORS INFLUENCING EMPLOYEES’ PERCEPTION OF PAY EQUITY IN VIETNAM’S SOES

PhD Ngo Thi Ngoc Anh 763

80 THE IMPACT OF FINTECH ON FINANCIAL AND BANKING SECTOR IN INDUSTRIAL REVOLUTION 4.0

Dr Dang Thi Thu Giang, BBA Nong Manh Cuong, BBA PhamThi Quynh Nga 776

81 ASSESSMENT OF CUSTOMER’S SATISFACTION TOWARDS THE USE OF ATM CARDS AT SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK

PhD Pham Hai Nam 785

82 FACTORS INFLUENCINNG THE DEVELOPMENT OF THE CIRCULAR ECONOMY FOR ENSURING THE SUSTAINABLE DEVELOPMENT

IN VIETNAM

Ass Prof Dr Nguyen Van Phuc, Dr Nguyen Xuan Dien, MBA Nguyen Thu Ha 793

83 THE SITUATION OF AGRICULTURAL PRODUCTION - PROCESSING - CONSUMPTION BY VALUE CHAIN FOR SUSTAINABLE

DEVELOPMENT IN VIETNAM

Dr Pham Van Nghia, Dr Dong Thi Ha, Nguyen Ha My 806

84 SOME EVALUATIONS ON THE IMPLEMENTATION OF UNEMPLOYMENT INSURANCE POLICY IN VIETNAM

PhD Nguyen Thi Thu Ha 818

85 EXPERIENCE OF DEVELOPMENT THE DIGITAL ECONOMY IN SOME COUNTRIES AND IMPLICATIONS FOR VIETNAM

Dr Nguyen Thi Tinh 824

86 CIRCULAR ECONOMY DEVELOPMENT: INEVITABLE TREND FOR SUSTAINABLE DEVELOPMENT IN VIETNAM

PhD Do Thi Nang 837

87 THEORY ON SOCIAL RESPONSIBILITIES OF FDI ENTERPRISES AND PROMOTION OF CORPORATE SOCIAL RESPONSIBILITIES

OF FDI ENTERPRISES IN VIETNAM

MA Nguyen Thuy Linh, MA Duong Duc Thang 851

88 ECONOMIC DEVELOPMENT OF COUNTRIES IN GLOBALIZATION

PhD Ho Thi Ha, Junior Phan Thanh Huyen 859

89 EXAMINING THE ACCOUNTING FOR LAND: IMPLICATIONS FOR THE HARMONIZATION OF IFRS IN VIETNAM

Dr Nguyen Thi Hong Van, Dr Bui Thi Thu Huong, Dr Thai Ba Cong 867

90 EXPANSION IN GOVERNMENT INVOLVEMENT AS FISCAL RESPONSE TO THE TIMES OF COVID-19 PANDEMIC

PhD Bui Thi Thuy Nhi 878

91 TAX AVOIDANCE, ITS DETERMINANTS AND APPLICATION IN AUDIT SAMPLE SELECTION OF STATE AUDIT OFFICE OF VIETNAM

Msc Vu Anh Tuan 888

92 THE INTERNAL FACTORS AFFECTING ON APPLICABILITY SUCCESS ABC ACCOUNTING METHOD

Dr Nguyen La Soa, Dr Ngo Van Hau 898

93 PROCESSING ADMINISTRATIVE REFORM FOR DEVELOPMENT NIGHT-TIME ECONOMY

Msc Nguyen Thi Dieu, Msc Hoang Hai Ninh 910

94 THE CONTENT TO SECURITIES COMPANY RESTRUCTURING IN VIETNAM

MBA Hoang Van Luan 919

95 DEVELOPING THE NIGHT TIME ECONOMY AFTER COVID - 19 PANDEMIC

Dr Tran Duc Trung 932

96 SUSTAINABLE DEVELOPMENT CONFRONTING CONTINUED WAVES OF COVID-19 IN VIETNAM: ADAPTATION AND ADJUSTMENT

Assoc Prof Nguyen Ba Minh, Msc Le Vu Thanh Tam 945

97 DEVELOPING VIETNAM’S DIGITAL BANKING TRANSFORMATION

PhD Nguyen Dinh Hoan, MA Nguyen Duc Thach Diem 956

98 HUMAN RESOURCES TRAINING IN FINANCE AND BANNKING

INDUSTRY TOWARDS FINTECH DEVELOPMENT IN THE INDUSTRIAL REVOLUTION 4.0

MA Phan Thi Ha My, MA Dang Minh Chau 963

99 THE DYNAMIC IMPACTS OF ENERGY CONSUMPTION ON CO2 EMISSIONS IN VIETNAM: DO RENEWABLE ENERGY CONSUMPTION AND FINANCIAL DEVELOPMENT MATTER?

Master Nguyen Thanh Tham 971

100 EXPERIENCES OF CHINA IN DEVELOPING GREEN BOND MARKET AND LESSONS FOR VIETNAM

PhD Nguyen Thu Ha, Dinh Quang Minh 981

101 FACTORS AFFECTING THE DEVELOPMENT OF GREEN BOND MARKET:

A CROSS-BORDER EVIDENCE AND IMPLICATION FOR VIETNAM

PhD Pham Thi Van Anh, PhD Dao Hong Nhung, PhD Luu Huu Duc, PhD Ho Quynh Anh, PhD Trương Thi My Nhan 988

102 IMPACT OF NON-FINANCIAL INFORMATION ON ANNUAL REPORT TO ACCOUNTING PERFORMANCE, MARKET PRICE OF VIETNAM LISTED COMPANIES - LITERATURE REVIEWS

Dr Duong Thi Quynh Lien, Dr Nguyen Thi Hanh Duyen, Dr Nguyen Phi Hung 999

103 SOLUTIONS TO IMPROVE THE QUALITY OF RURAL HEALTH SERVICES CONTRIBUTING TO THE CONSTRUCTION OF AN ENHANCED NEW RURAL AREA AND A MODEL NEW RURAL AREA IN HUNG YEN PROVINCE

PhD Do Thi Thu Hang, PhD Tran Tuan Anh 1006

104 DETERMINANTS OF DIVIDEND POLICY OF LISTED BANKS ON VIETNAM STOCK EXCHANGE

Dr Bui Thi Ha Linh, Dao Quang Huy 1017

105 SIGNALING, BIRD IN THE HAND EFFECTS IN TRANSPORTATION CONSTRUCTION COMPANIES IN VIETNAM

Assoc Prof Dr Dr Doan Huong Quynh, MSC Nguyen Thi Thuy Dung 1030

106 ANALYSIS OF FACTORS AFFECTING CUSTOMERS’ INTENTION TO USE MOBILE MONEY SERVICES IN HANOI

PhD Pham Quynh Mai, Duong Thi Yen Nhi, Nguyen Thi Quynh Nga 1039

107 A LITERATURE REVIEW ON ACCOUNTING THEORIES RELATED TO CONSOLIDATED FINANCIAL STATEMENTS

Dr Nguyen Thu Hoai 1049

108 MANAGEMENT ACCOUNTING WITH SUSTAINABLE BUSINESS DEVELOPMENT - SOME PROPOSES FOR BUSINESS

PhD Ly Lan Yen 1061

109 STATUS OF CREDIT CAPITAL RESOURCES FOR SUSTAINABLE AGRICULTURAL DEVELOPMENT IN VIETNAM

Prof Dr Pham Ngoc Dung, Dr Bui Thi Men, Dr Nguyen Thi Lam Anh 1070

110 INCREASING BRAND AWARENESS FOR VIETNAMESE ELECTRONICS SUPERMARKETS IN HANOI CITY

Assoc Prof. Dr Dao Thi Minh Thanh, Pham Dao Thuy Linh, Dinh Thuy Hanh 1077

111 ASSESSMENT OF FACTORS AFFECTING FINANCIAL EFFICIENCY OF POST – CLEARANCE AUDIT

PhD candidate Nguyen Tuan Trung 1087

112 COMPANY DIVIDEND POLICY: EXPERIENCE FROM DEVELOPED NATIONS AND LESSON FOR VIETNAM

MA Dinh Thi Len 1099

XXXISUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION (SEDBM-4)

113 DETERMINANTS OF WORKING CAPITAL MANAGEMENT EFFICIENCY: AN EMPIRICAL STUDY ON STEEL FIRMS IN VIETNAM

PhD Ta Dinh Hoa, MA Nguyen Thi Thanh Thanh, MA Nguyen Phan Anh 1104

114 STATE AUDIT - AN EFFECTIVE TOOL IN ANTI-CORRUPTION, CONTRIBUTING TO SUSTAINABLE ECONOMIC DEVELOPMENT

Dr Nguyen Huu Hieu 1116

115 POLICY RECOMMENDATIONS TO IMPROVE THE SUSTAINABILITY OF PUBLIC DEBT IN VIET NAM

Msc Luu Huyen Trang, Nguyen Tien Dung, Nguyen Thi Thao Van 1124

116 UNDERSTANDING INTERNATIONAL BUSINESS STRATEGIES IN THE VIETNAMESE BEVERAGE INDUSTRY

MBA Tran Thi Tuan Anh 1135

117 IMPACT OF BOARD CHARACTERISTICS ON CORPORATE SOCIAL RESPONSIBILITY REPORTING

Post-graduate Luu Thi Thai Tam, Dr Ngo My Tran 1142

118 STATE AUDIT ROLE AND PRACTICES OF SOME INTERNATIONAL AUDIT INSTITUTIONS

PhD Phi Thi Hang, PhD Nguyen Thi Thu Nga 1154

119 THE IMPACT OF FINANCIAL POLICIES ON PRIVATE SECTOR DEVELOPMENT

PhD Dang Phuong Mai, Ha Mai Ngoc,Vu Hoang Mai, Trinh Thi Phuc, Pham Tran Nhu Ha 1165

120 HUMAN RESOURCE MANAGEMENT IN STATE MANAGEMENT AGENCIES IN SON LA PROVINCE - CURRENT STATUS AND SOLUTIONS

Master Manh Truong Nguyen 1176

121 BARRIERS TO LAND ACCESS OF ENTERPRISE IN HAI PHONG

MA Pham Thi Bao Thoa, Assoc PhD Nguyen Ngoc Toan 1186

122 VIETNAM ACTIVELY DEVELOPS DIGITAL ECONOMY FOR SUSTAINABLE DEVELOPMENT

Dr Nguyen Thi Mien, Dr Tran Thi Tuyet Lan 1198

123 THE IMPACTS AND FACTORS AFFECTING THE CORPORATE GOVERNANCE OF STATE-OWNED ENTERPRISES IN VIETNAM IN THE CONTEXT OF GLOBALIZATION

Master Thach Anh Le, Master Son Dinh Trung, PhD Quang Minh Le 1206

124 OPPORTUNITIES AND BARRIERS OF INNOVATION IN SMALL AND MEDIUM ENTERPRISES IN VIETNAM

Dr Tran Quang Phu, Dr Nguyen Thi Phong Lan, Dr Nguyen Thi Mien .1219

125 SOLUTIONS TO PROMOTE RESEARCH, TRANSFER, APPLICATION, AND DEVELOPMENT OF SCIENCE-TECHNOLOGY, INNOVATION; DEVELOP NATIONAL INNOVATION SYSTEM AND INNOVATIVE START-UP ECOSYSTEM

Assoc Prof Dr Dinh Thi Nga, Master Nguyen Thi Nghia 1231

126 APPROPRIATE EXCHANGE RATE MANAGEMENT POLICY OF VIETNAM

PhD Lam Tuan Hung, MA Lam Thanh Ha 1241

127 A STUDY OF FACTORS AFFECTING THE APPLICATION OF COST MANAGEMENT ACCOUNTING IN CIGARETTES MANUFACTURING

ENTERPRISES OF THE VIETNAM NATIONAL TOBACCO CORPORATION

PhD.Student La Thi Thu, Assoc Prof Dr Tran Thi Hong Mai, Assoc Prof Dr Nguyen Manh Thieu 1253

128 THE BASEL II STANDARDIZED APPROACH TO BANK RESTRUCTURING: EXPERIENCE OF SOME COUNTRIES

MA Nguyen Quoc Viet, MA Duong Duc Thang 1260

129 THEORETICAL ANALYSIS ON FRAMEWORK FOR FISCAL SUSTAINABILITY

PhD candidate Nguyen Thi Thanh Hai 1268

130 INNOVATION OF MECHANISM AND POLICY FOR BANKVIETNAM TRADE FOR ECONOMIC DEVELOPMENTAND

SUSTAINABLE BUSINESS

Assoc., PhD Dinh Xuan Hang, Posgraduate student Dinh Nguyen Bao Anh 1275

131 IMPACT OF INDUSTRIAL REVOLUTION 4.0 FOR SUSTAINABLE ECONOMIC DEVELOPMENT IN VIETNAM

Dr Ngo Quang Tue, Dr Dang Thai Binh 1278

INTRODUCTORY REMARK

DEVELOPMENT AND BUSINESS DEVELOPMENT IN THE CONTEXT OF

GLOBALIZATION (SEDBM 4)

The harmony between economic growth and socio-economic development based on social

equality, development and appropriate exploitation and use of natural resources in align with environment protection and ecology system improvement is an urgent problem that plays essential role for every nation Sustainable development is determined a strategic orientation for all countries in the age of science and technology revolution as well as in the process of globalization

In the globalization process, the implementation of three strategic sustainable development goals has become inevitable, nonetheless, the realization of these goals is not easy More importantly, the mutual contribution of all global countries to “turn global sustainable development goals into reality” is needed We need insights to the nature, content, meaning as well as the implementation approaches to conceive the relationship between modern socio-economic development and environment protection The modern world is facing significant changes with multiple events taking place quickly and unpredictably which bring about both great opportunities and substantial challenges The world is also facing an unprecedented threat in history, changing the mode of production, business, commerce, and all aspects of social life, along with the relationship of forces that is gradually shifting to a new situation To adapt to the new order and take advantage of opportunities from this process, the establishment of a “flexible” economic system by diversifying global supply chains, promoting free trade agreements, and strengthening the multilateral trading system is essential The Covid-19 pandemic has exposed the weaknesses of globalization The measures to block economic activities or other emergency response policies to prevent the pandemic have caused sudden disruption of trade activities and disruption of some global supply chains in the short term Although there are doubts about the sustainability of globalization, analysts still believe that the trend of international cooperation and integration is an irreversible process, especially when the the countries are aiming to restore the post-pandemic economy Supply chain restructuring,

“repatriation” of essential sectors, building resilience against potential “headwinds” are said to be top priorities in economic policies of global countries in the next years As an economy with high openness and deep integration into the region and the world, Vietnam will face multiple impacts and challenges from the deep decline in economic growth and the shift of the world economic order Therefore, adapting to the transformation of the world economic order, actively participating

in the process of shaping “new rules” of the game is a requirement that cannot be ignored The Fourth Industrial Revolution, along with globalization and international integration, are still two major trends that profoundly influence the development process of mankind The interweaving

of integration processes brings the world to a “matrix structure” of free trade agreements (FTAs)

on many lines and levels, including new generation FTAs Therefore, Vietnam needs to continue the trend of accelerating international economic integration and digital transformation to catch the Fourth Industrial Revolution The determination, consensus, and improvement of the state management in the strategy of economic development, rational exploitation and use of natural resources, and environmental protection are of extreme importance At the same time, Vietnam also needs international coordination and cooperation in the implementation of the strategic goals of sustainable development in the 21st century The Covid-19 pandemic has been evolving very complicatedly with many new variants, infecting millions of people, devastating the world economy, but it also made many amazing changes, exceeding previous forecasts The fight against the pandemic still lies ahead, but the end will come, and the post-Covid-19 world economic changes are also taking shape, being special concern of researchers and countries Realizing the importance of the issue, the Academy of Finance organizes the annual international conference

“Sustainable economic development and business management in the context of globalization”

After organizing the three previous conferences, we have enriched the experience to organize international seminars as well as confirmed the research capacity of Vietnamese scientists in general and the Academy of Finance’s scientists in particular Moreover, the Academy of Finance affirms its ability to meet modern infrastructure and technology in organizing online research and training activities as well as international cooperation In 2021, although the Covid 19 pandemic is complicated and unpredictable, with careful preparation and creative ways, the Academy of Finance continues to coordinate with the University of Greenwich (UK), the Institute of Economics under the Ho Chi Minh National Academy of Politics to organize the fourth international conference

“Sustainable economic development and business management in the context of globalization” (SEDBM 2021) The conference receives more than 140 articles and we have selected 131 articles

to be published in the conference proceedings The conference attracts the participation of various scientists and researchers from universities, academies, research institutes and the participation

of top economic researchers and economic experts from national and international agencies

The Conference Organizing Committee would like to thank the delegates and scientists for your enthusiastic participation and contribution to the success of the conference Analytics, comments and assessments, forecasts, solutions, etc on sustainable economic and business development in the context of globalization are of great value for the development of the world, the region as well

as Vietnam in the current context

We wish all delegates, researchers and scientists good health, happiness and success

Thank you very much,

BANKING SECTOR AND ECONOMIC GROWTH – WHICH HYPOTHESIS IS

VERIFIED IN VIETNAM?

Nguyen Ngoc Truong 1 , PhD Tran Thanh Thu, MA Vu Duc Kien,

PhD Nguyen Thi Bao Hien 2 , MA Nguyen Minh Tuan 3

Abstract: This study examines the effect of banking sector development on the economic growth of Vietnam

over the period from 1997 to 2019 Using Vector Error Correction Modelling (VECM), the study finds the statistical evidence supporting the supply-leading hypothesis about the causal relationship between banking sector development and economic growth The findings emphasize the critical role of monetary supply and credit to private sector in the economic growth of Vietnam.

Keywords: Banking sector, development, economic growth, interest rate, VECM, Vietnam.

1 INTRODUCTION

Economic growth is the critical for all countries over the world, especially developing countries, since these countries have to maintain high economic growth for overcoming economic problems such as unemployment, poverty, low living standards, and inflation (Abusharbeh, 2017) The major importance of banking sector to the economic growth can be explained by the intermediation role of commercial banks Through channeling investment funds from savers to the users that yield the highest return, banking sector contributes to the specialization and division of labor (Todaro 2003) Armenta (2007) indicated some benefits of commercial banks to economic growth such as risk pooling and transferring, enhance liquidity and information flow through the use of more sophisticated financial products and technology

A buck of previous studies examined the relationship between banking sector development and economic growth The supply-leading hypothesis emphasizes the causal effect of the banking sector on the economic growth This school of thought is led by Schumpeter (1911) and confirmed

in the studies of Patrick (1966), Thornton (1994), Kar et al (2011), Hsueh et al (2013), Menyah

et al (2014), Halicioglu (2007), Dhungana (2014), Arbusharbeh (2017) Another hypothesis, the demand-following, examines the impact of economic growth on the development of financial market, including banking sector It is discussed in the study of Robinson (1952), Greenwood & Jovanovic (1990), Levine (1997), Liang & Teng (2006), Odhiambo (2008, 2010) Scholars also concern about the bidirectional relationship between the banking sector and economic growth Hussein (1996) found two-way causal relationship between banking indicators and economic growth Similar findings were reported by Jun (2012), Chow & Fung (2011), Pradhan et al (2014)

1 Ca’foscari venezia, Italy

2 Academy of Finance

3 National Economics University

The debate about which hypothesis is relevant to explain the relationship between banking sector and economic growth continues attracting many studies Literature has been enriched through empirical evidences in various research settings, especially from emerging and developing countries, where the banking sector is critical for the economic development.

The banking sector plays a key role for the economic growth of Vietnam likewise many other developing countries Since 2000, Vietnam’s GDP per capita growth has been in the highest group over the world, at the annual rate of 6.4% In line with the remarkable performance improvement of the whole economy, Vietnam banking sector has witnessed a significant increase The bank assets in

2018 mostly doubled GDP Credit growth through banking system has been increasing since 2015 Average Return on Equity (ROE) in 2017 was 17.63%, higher than other Asian developing countries

at the same development level However, there is an argument that the rapid expansion of the banking sector may destroy the economic growth of Vietnam in the long run Banking sector is dominating Vietnam financial market The credit to deposit ratio of Vietnam banking sector is around 7 times over past 5 years, together with the decrease in bank’s Z-score since 2010 These data show the heavy dependence of financing sources for investment on the banking sector Therefore, the crash of the banking sector would significantly impact on Vietnam economic growth

Empirical studies on the relationship between banking sector and Vietnam economic growth seem to be spare, and report mixed results Nguyen et al (2020) showed a causal relationship between the banking sector development and the real estate market Bui (2020) found the positive effect of economic growth on the Vietnam financial market development Le et al (2019) found the significant effect of financial market development on economic growth in ASEAN+3 countries, including Vietnam Le et al (2020) reported the short-term positive effect of the banking depth on the economic growth of Vietnam, and the negative one in the long run due to the macro influencers The purpose of our paper is to find which hypothesis is valid for the relationship between the banking sector development and Vietnam economic growth Literature has indicated that the supply-leading hypothesis is more relevant than the others in developing markets In this paper, we examine the short and long-run validity of the supply-leading hypothesis, and the existence of demand-pulling hypothesis in Vietnam situation Our study contributes to the extant literature on relationship between banking sector and economic growth with three main points First, it enriches studies on emerging and low-income countries with an empirical evidence on one of the fastest growing economies in the world – Vietnam Second, we test the hypotheses on a wider sample than other similar studies in Vietnam using Vector-Error Correction Model (VECM) instead of the standard VAR estimator in the study of Le et al (2021) or Autoregressive Distributed Lag (ARDL) approach in the study of Bui (2020) We expand the time range compared to other studies on the finance-growth relationship in Vietnam

to provide a comprehensive insight and increase the estimate accuracy Third, we specify the validity of the supply-leading hypothesis in Vietnam through finding the long-term adjustment and examining the adjusting mechanism

We organize the paper into 5 parts Part 1 elaborates the rationale of the research topic Part 2

is literature review and hypothesis development Part 3 presents data and methodology Empirical results and discussion are presented in Part 4 Part 5 is the place for conclusion and managerial implications

5SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION (SEDBM-4)

2 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT

The leading role of the banking sector in the economic growth was emphasized in the early work of Schumpeter (1911) The author argued that through mobilizing and channeling funds efficiently, banks provide businesses with credit capital, which will be invested in physical assets, new production techniques, facilitating technological innovation, and setting conditions for creative destruction process (King & Levine, 1993; Allen & Ndikumana, 1998) Through the capital directing function, banking sector is expected to contribute to economic growth That is the supply-leading hypothesis for finance – growth relationship McKinnon (1973) and Shaw (1973) argued that a repressed financial system characterized by interest rate celling, directed credit policies and high reserve requirement, hindered an economic growth Therefore, financial development is expected to be the positive influencer of economic growth Bencivenga and Smith (1991) developed the endogenous growth model with multiple assets and found the growth boosting function of financial intermediaries Banks could enhance asset liquidity and mitigate specific risk through diversification and pooling, which results in higher economic growth

Empirical studies on the finance – growth nexus have found supporting evidences for the supply-leading hypothesis in emerging and developing countries Cole et al (2008) found banking sector return positively correlates with the economic growth in 38 countries from 1973 to 2001 This relationship became stronger in the developing countries The finding supports the supply-leading hypothesis and validates this hypothesis in the developing economies Koivu (2002) reported the negative impact of marginal interest rate on economic growth in 25 developing countries over the period 1993-2000 Frikha & MacMillian (2016) found the supporting effect of conventional banks on GDP in 10 developing countries Medjahed & Gherbi (2016) stated the negative short and long run impact of banking sector development on growth of 11 MENA countries from 1980

to 2021 Prochniak & Wasiak (2017) verified the positive relationship between banking system and economic growth in 28 EU and 34 OECD countries from 1993 to 2013 Bongini et al (2017) indicated that foreign banks foster economic growth of Central, Eastern and South Eastern European Countries (CESEE) between 1995- 2014 Le et al (2019) reported supporting evidence for the the supply-leading hypothesis in ASEAN+3 countries

For a particular economy, Alfara (2012) validated the supply-leading hypothesis in Palestine

on the period from 1995 to 2001 Abusharbeh (2017) found supporting evidence for the leading hypothesis in Palestine using quarterly data from 2000 to 2015 Halicioglu (2007) found the unidirectional causation from development to economic growth in Turkey using annual data from 1968 to 2005 Dhungana (2014) found the causal relationship between commercial banks and economic growth in Nepal during the period 1994 to 2012 in the long run Jung (2017) confirmed the leading role of financial development in economic growth of South Korea over the period from

supply-1961 to 2013

On the alternative side, Robinson (1952), Friedman & Schwartz (1963) stated that economic growth facilitated the financial market development That is the demand-pulling hypothesis, which focuses on the demand side of the financial market This argument is rested on the positive relationship between the level of financial development and the real national income Economic growth is a basis for the higher demand for new and innovative financial products, which can positively effect on the development of financial market Liang & Teng (2006) investigated the

relationship between financial development and economic growth for China over the period 1952-2001 using VAR framework The empirical result suggests that there exists a unidirectional causality from economic growth to financial development in China Zhao (2017) investigated the impact of financial development of economic output using data from 286 Chinese cities between

2007 – 2014 The finding revealed that financial development did not have any significantly positive effects on Chinese economic growth Mhadhbi (2014) reported mixed results in 27 medium-income countries over the period from 1970 to 2012 Three countries supported supply-leading hypothesis, six countries supported demand-following hypothesis, and 21 countries showed no impact of economic growth on the financial development Caporale et al (2009) showed no influence of the economic growth on the financial development in 10 European countries from 1994 to 1997

The two-way causal relationship between the financial development/banking sector and economic growth is reported in several studies Wood (1993), Demetriades & Hussein (1996), Akinboade (1998), Dritsakis & Adamopoulos (2004), Demrgic-Kunt & Levin (2001), Calderon

& Liu (2003), Mhadhbi (2014), confirmed the mutual relationship between the banking sector and the economic growth Owdeh (2012) found the dual causality relationship between banking sector growth and economic development in Lebanon from period of 1992-2011 Hung Manh Pham

& Phuong Minh Nguyen (2020) showed the two-way Granger causality relationship between credit and GDP of Vietnam Patrick (1966) mentioned the stage-of-development hypothesis, which proposes that the direction of causality relationship between financial development and economic growth varies with the stage of development Greenwood & Jovanovic (1990) indicated the dual link between intermediaries and growth depends on the development stage of

an economy The supply-leading role of financial agents enable efficient capital allocation and lower transaction costs, which promotes the economic growth at the early stage of development However, the demand-pulling hypothesis becomes dominant as financial structure is well-developed and an economy reaches to the maturity Iyare et al (2005) reported the mix results

on the Caribbean economies in short run, and stated that empirical evidences differed by both country specific features and selected variables Liang & Reichert (2006) studied the relationship between economic growth and banking sector development on the sample including 20 advanced countries and 70 emerging countries from 1996 to 2002 This paper found strong supply-leading relationship between financial development and aggregate output, and this effect is depreciated

by the stage of development At some point of economic growth cycle, there exists the inverse effect of economic growth on financial market development Jun (2012) reported a significant dual relationship between finance and growth in 27 Asian economies Chow & Fung (2011) found most countries have switching between finance-leading and economic leading stage Pradhan & Arvin (2016) also pointed out the mutual relationship in ASEAN countries for the period 1961-2012

It could be seen from previous studies on the relationship between banking sector and economic growth that banking sector plays the critical role in an economy growth However, literature has witnessed a long debate on which hypothesis is valid in reality The empirical evidences vary with country specific characteristics, estimation method, and proxy measurement The studies on developing countries in general and Vietnam in particular found strong supporting evidences for the supply-leading hypothesis In case of Vietnam, one of the fastest growing economies over the

7SUSTAINABLE ECONOMIC DEVELOPMENT AND BUSINESS MANAGEMENT IN THE CONTEXT OF GLOBALISATION (SEDBM-4)

world recently, we hypothesized that the banking sector development positively contributes to the economic growth, yet this causality effect in a short run might differ from in a long run We conduct an empirical test to explore the existence of turning point in a long run, leading to the exchange between the supply-leading hypothesis and the demand-pulling hypothesis

3 DATA AND METHODOLOGY

3.1 Data

The study uses annual time series data from 1997 to 2019 Data are collected from the annual reports of World Bank Indicators (WBI) We measure the banking industry development through 3 variables: Private credit ratio (RDG), Broad money ratio (RM2G), Interest rate spread (IRS); and use Gross Domestics Product (GDP) as a proxy for economic growth

3.2 Model and Variables

The following hypothetical econometric model is employed:

∆ is the difference operator,

p is the optimal lag length,

ECT is the error correction term,

δ is its coefficient,

u is the error term of the model

Table 1 An explanation of variables in the model

The growth of Real GDP in Year T compared to Year (T-1)

Real GDP growth rate lag one year

This variable reflects the banking sector efficiency.

This variable reflects use of currency in relation to the increase in bank deposit volume.

This variable refers to the role of credit capital in an economy and the channeling activity

of banks as financial intermediaries.

3.3 Estimation Methodology

We use VECM instead of standard VAR since VAR estimator is based on stationary series, which can lead to the possibility of lossing information about the relationship among integrated series VECM provides a means by which a proportion of the disequilibrium in the short run

is corrected Thus, error correction mechanism is a means to reconcile the short-run and run behaviors of the variables (Gujarati & Porter, 2009) The size of the error correction term indicates the speed of adjustment of any disequilibrium towards a long run equilibrium state VECM also enables the determination of the short and long run Granger causalities between the cointegrated variables

long-4 RESULTS AND DISCUSSION

4.1 VECM model estimate

Table 2 Descriptive statistics of variables in the study

is rejected at p-value < 1%, indicating that all the variables are integrated of the same order, I(1)

Table 3 Stationary Tests of all the variables at level and first difference

Next, we select the lag length Five lag length selection criteria, including AIC, SC, LR, FPE and HQ revealed that the optimal lag length for the models is two It is used in the subsequent cointegration test, Granger Causality Test, and VECM The result is shown in Table 4

Table 4 Lag length criteria selection

(*) significant at p-value <5%

Table 5 reports the Trace test and the Max-Eigen test There is one cointegration equation

at p-value < 5% Therefore, we might conclude that the variables in the model have a long-run equilibrium relationship

Table 5 Co-integration test