Sources of capital held by the public and economic sectors offered great potential. Municipal bonds issued by HCMC government help mobilize these sources of funds for socioeconomic and infrastructure development. The determination of demands for funds and ability to efficiently raise them greatly dependant on technique of raising funds through issues of bonds, and this was always considered a topical and important issue. This paper performed an analysis, carried out evaluation on methods and effects concerning the issue of the HCMC municipal bonds, and proposed solutions to technical mechanisms with a view to beefing the process of raising this source of capital for infrastructure development based on HCMC specific conditions.
E-commerce has become a familiar and indispensable part in a developing society, contributing substantially to changes in the customer behaviors and demand. In order to meet customer needs, tourism companies in general and enterprises of the hospitality industry in particular must establish their own websites at the service of their business and competition. In this paper, through aggregation of existing theories in the world and quantitative research, the authors conduct an empirical research for the case of four- and five-starred hotels in H?i An City and identify seven factors that affect the satisfaction of online customers (or e-satisfaction): (1) website design, (2) website information, (3) website security, (4) trust, (5) transaction convenience, (6) customer services, and (7) hotel services information. Those results allow authors to offer some suggestions for hospitality enterprises to enhance their customer satisfaction.
During the past ten years, economic growth in Vietnam changed positively in the direction of a modern industrial economy. Accordingly, economic structure also experienced changes in which manufacturing and service sectors accounted for a bigger share in the GDP. The government and most researchers are therefore very interested in economic structural change. This structural change in Vietnam as a whole requires the same change in local economies. However, some provinces did not catch up with the national development yet. Thus, in order to facilitate structural change on the whole economy, it is necessary to clarify what economic structural change aims at, and identify a quantitative model for measuring impact of such change, which becomes a real challenge to Vietnam?s researchers and policy makers. To help solve this problem, the authors conducted a case study in B?n Tre to seek practical evidence. The results, based on regressive model, VAR model and Granger causality test, show that economic structural change impacts on the level of economic growth, labor productivity and the quality of life. This research also lays the foundation for a model for forecasting impacts of economic structural change.
Using factor model and fixed or random effect approaches, this article studies the factors affecting the rate of return on the stocks listed on the Vietnamese stock market. The results show that the rate of return is affected by the two factors: inflation and the Nikkei index as an indicator of regional economy. The impact of inflation is much more powerful. The strongest impact of the unexpected inflation is found in industrial sector and consumption while enterprises with good business performance only suffer a milder effect. The impact of Nikkei index on local stocks is rather weak but less dispersed.
This research aims at measuring growth of labor productivity during structural changes in Vietnam in the years 1994-2011. Shift-share analysis of structure of industries shows that growth of labor productivity in Vietnam is a result from the static shift effect. In other words, productivity growth is resulted from changes in structure of industries, in which labors move from low-productivity industries to higher ones. Both endogenous (within-industry) factors and dynamic shift effect seem to be affected by the burden of structure and the backwardness of technology in the process of economic structural changes.
This paper seeks evidence and explanatory factors of asymmetric relationship in interest rate pass-through in Vietnam. The results show that the capital and liquidity requirements of commercial banks are main causes of asymmetric interest rate pass-through in Vietnam. The research based on data from six commercial banks in Vietnam during the period 2009 ? 2012 shows that (i) Loan rates from capital constrained banks are higher than those from unconstrained banks; (ii) Pass-through from monetary policy rate to loan rates is not clear in both constrained and unconstrained banks; and (iii) Loan rates from capital constrained banks are more sensitive to changes in aggregate demand.
Over the past decade, the tourism industry in Vietnam in general and in Central Vietnam in particular has grown significantly and played a major role in the economy, contributing not only to the national GDP but also to development of other sectors such as transportation, construction and banking, etc. However, this growth has not reached full potentials of the region. Empirical study in ?? N?ng has revealed limitations in the development of tourism in this province and in Central Coastal region as well. By analyzing minutely main causes of limitations based on the value chain analysis, this paper proposes some solutions to sustainable tourism development in the Central Coastal region by developing a single destination and making the best use of creative and supporting resources besides local natural ones.
This empirical study, the first of its kind, seeks to quantify the relationship between corporate governance and the performance of firms in Vietnam. The authors undertook an intensive review of literature to identify a range of elements that contribute to overall corporate governance. In this study, corporate governance is considered to consist of the following elements: (i) the size of the board; (ii) the presence of female board members; (iii) the duality of the CEO; (iv) the education level of board members; (v) the working experience of the board; (vi) the presence of independent (outside) directors; (vii) the compensation of the board; (viii) the ownership of the board; and (ix) block holders. Employing the Feasible Generalized Least Squares (FGLS) technique on 77 listed firms trading over the period from 2006 to 2011, this study finds that elements of corporate governance such as the presence of female board members, the duality of the CEO, the working experience of board members, and the compensation of board members have positive effects on the performance of firms, as measured by the return on asset (ROA),
while board size produces negative ones. The results also show that ownership of board members has a non-linear relationship with firm?s performance.
This study examines the econometric and empirical evidence of both causal and long-run relationship between foreign direct investment (FDI) and economic growth in Vietnam, covering a time span of 21 years from 1991 to 2012. The recent and robust methodology of bounds testing or autoregressive distributed lag model (ARDL) approach to Cointegration is employed for the empirical analysis. This technique can capture both short-run and long-run dynamics of variables, particularly in small sample size cases. The findings indicate the existence of a Cointegration relationship between the two time series and a modest adjustment process from short-run to long-run equilibrium. Further results from Granger causality tests conducted within the error correction model confirm a bi-directional causality between economic growth and FDI over the study period.
In this paper, the author uses the index analysis to explore relationships between financial performance and income structure in Vietnamese commercial banks during the years 2007-2011. The results show that financial performance of most commercial banks is mainly determined by lending service, which implies that their profits involve high degrees of risk. The paper, therefore, tries to suggest some measures to improve financial strength and adjust the income structure for commercial banks by controlling income from lending service and developing sources of income from non-lending services.