The government intervention in the economy is practical and widely acknowledged. The central government expenditure, like budget incomes, is to regulate the national economy. According to Keynes (1936),
the government should aim at demand-side stimuli to facilitate consumption and production. This paper identifies negative impacts of budget expenditure decentralization on Vietnam?s economic growth; and positive impacts of central government expenditure, private investments and trade openness on the economic growth as well. Additionally, no relationship between inflation rate along with changes in labor force and economic growth is found.
Corporate financial structure and its influential factors have attracted attention of numerous researchers and chief financial officers. The paper identifies these factors and introduces a model for measuring their influential level. The research was empirically conducted in 55 enterprises of the manufacturing industry (hereinafter referred to as manufacturers) in Vietnam in the period 2007-2011. The results show that manufacturers have a tendency to take out huge short-term loans and use them to finance fixed assets. The corporate size, the liquidity ratio, and an increment of fixed assets positively affect the debt ratio, whereas the business performance has negative effects. Therefore, the government and the SBV should develop facilitative policies to enable manufacturers, especially small and medium-sized ones with good performance, to mobilize capital on the stock market, and access medium and long-term loans of commercial banks.
Vietnam?s stock market in late 2007 experienced a sharp fall. Since March 2008, the State Security Commission of Vietnam (SSC) has from time to time adjusted the fluctuation limit on stock price in the hope of precluding the panic among investors and reducing the market risks. Theoretically, risks can be quantified by the volatility which can be measured by the conditional variance of the chain of rates of returns. A model that has been widely employed to measure the volatility is GARCH (General Autoregressive Conditional Heteroskedasticity). In this paper, GARCH will be employed to evaluate impacts of measure to narrow the fluctuation limit on risks in Vietnam?s stock market.
Using the GARCH-in-Mean model, the present paper examines information spillover effects from some large foreign stock markets on the VN-Index. The empirical results indicate that the return rates of VN-Index are influenced by disclosures from some large stock markets in the world, especially from the US stock market. However, the volatility of VN-Index return rate and its risks are not affected by the information spillover effects from such markets.
This quantitative research is conducted to identify factors influencing customer satisfaction in Damco Supply Chain Management Service. Data are collected by delivering survey questionnaires to customers currently using Damco Vietnam?s supply chain management service. The research resulted in seven dimensions for customer satisfaction ? Tangibles, Reliability, Assurance, and Empathy, Perceived Price, Relationship Service and Relationship Quality spreading out in 21 measurement items. Being one of the leading service providers, Damco has been known by its standard service quality well beyond Vietnam market. However, throughout the economic downturn period several key customers restructured their supply chain and switched to other service providers, customer intimacy emerged as the most concerned issue. Figuring out factors driving customer satisfaction may help the company to build up a foundation of customers? understanding and improve its service to enhance its customer satisfaction.
Vector Autogressive Model (VAR),
variance decomposition, and impulse response function are used, with three variables under consideration: the exchange rate between VND and USD, the export value of pangasius, and the inflation rate of Vietnam. The data used are monthly time series covering the period from January 1999 to December 2012. Our analysis shows that there is a long-run cointegration relationship between the exchange rate, the export value of pangasius, and the inflation rate. The results also show that the export value of Vietnamese pangasius is a main determination to explain the exchange rate. We could not find evidence of response of the exchange rate to the inflation, but the inflation rate reacts positively and significantly to one standard deviation shock in the exchange rate and the export value. In sum, our results contribute to the debate about choice of exchange rate regime for Vietnam to maintain the upward trend of pangasius export and of strategy to face the inflation situation. To prevent a currency and balance of payments crisis, the government can take a tough tightening stance. This could dampen growth in the near future, but the benefits outweigh the downside, as it would take an extended period for an economy to recover from a major shock.
At present, many managers and researchers recognize importance of human resource to corporate sustainable development. From the accounting aspect, however, the human resource is not properly evaluated due to inadequate treatment to this valuable asset by traditional accounting. Human resource accounting is a component of social accounting and aims at providing information needed for estimation of one of the most valuable assets of organizations. This paper tries to present the importance of human resource accounting, its contents and objectives, and its role in Vietnamese enterprises, along with recommendations on application of human resource accounting against the background of a knowledge-based economy
This study reports the results of Vietnam?s meat and fish consumption demand analysis using AIDS models. It uses cross-sectional data (VHLSS2008) collected by General Statistics Office of Vietnam in 2008. The censored regression method for the system of equations was used to analyze meat and fish consumption patterns. The two-step demand system was estimated. In the first stage, Inverse Mill Ratio (IMR) was estimated by using the probit regression model. In the second stage, the IMR calculated previously was included in the AIDS model to estimate demand elasticities for meat and fish, based on a system approach. Meanwhile, with the estimation results, some suggestions about food policy are made. The homogeneity and symmetry restrictions were imposed on the estimated models. Coefficients of the estimated model were used to calculate expenditure and price elasticities. The results revealed that the demand for pork, chicken and fish is elastic while that for beef is inelastic. The cross-price elasticities show that beef, chicken and fish substitute for pork. The elasticities confirm that pork is necessity commodity while beef, chicken and fish are luxury goods.
The paper examines effects of export spillovers by FDI companies on Vietnamese manufacturing companies. Heckman?s sampling model is estimated according to dataset of WB survey of companies. The results show that characteristics of each company play an important role in two export decisions: (1) whether to take part in export or not, and (2) how large the export share is. FDI companies produce export spillover effects on local companies, and moreover, FDI export spillovers are not identical and they depend on characteristics of local companies.
Since Vietnam?s transition from a centralized economy to the market-oriented one, many strategic management accounting (SMA) devices have been adapted by Vietnamese enterprises. Nonetheless, there has yet to be a research on factors affecting SMA as well as impacts of SMA on the business performance. Based on relevant research in the world, this paper uses a survey of 220 medium and large-sized enterprises in Vietnam. The results indicate that competitiveness and managerial decentralization are two major factors that profoundly affect application of SMA in Vietnam and that SMA devices can help improve the business performance financially and non-financially.
The research aims to investigate factors affecting the satisfaction of visitors to a national festival, i.e. the ?? L?t Flower Festival 2012, on the basis of 500 respondents visiting the festival. The SERVQUAL by Parasuraman et al. (1988) with some adjustments is used. The SPSS software is also employed to perform the Cronbach?s alpha, EFA, and multiple regression analysis. The results indicate that the visitors? satisfaction is sharply affected by five following factors, in order of importance, (1) tangibles, (2) empathy, (3) responsiveness, (4) reliability, and (5) assurance. The research also extends several recommendations to the festival organizers in order to enhance the service quality and the visitor?s satisfaction.