VNUHCM Journal of Economics, Business and Law

Employer brand attractiveness, brand value experience, and applicants’ intention to apply: The moderating role of social media

Nguyen Hai Quang — 2026-01-16

Research on the factors inﬂuencing candidates' application intentions, aimed at helping businesses develop eﬀective strategies for attracting and retaining talent, has become a topic of particular in- terest among researchers and human resource managers. This study examines the relationship between the level of employer brand attractiveness, brand value experience, and application inten- tion, while also assessing the moderating eﬀect of social media. The hypotheses are developed based on the aﬀect infusion model and empirical ﬁndings from previous related studies. Data were collected through a survey of 345 ﬁnal-year students majoring in business and management at several major universities in Ho Chi Minh City, focusing on their evaluations of the organizationswhere they had completed internships. These participants were chosen because they represent a segment of future job applicants with direct, recent exposure to employer branding eﬀorts through internship programs. The data analysis, using a structural equation modeling approach with the par- tial least squares method, conﬁrms the reliability of the measurement scales, along with the convergent and discriminant validity of the measured variables. The results also show that the ﬁve components of employer brand attractiveness, namely interest value, social value, economic value, development value, and cooperation value, positively inﬂuence the employer brand value experience, which in turn has a positive impact on candidates' application intentions. In addition, social media not only directly aﬀects application intention but also plays a positive moderating role in the relationship between brand value experience and application intention. Based on these ﬁndings, the study proposes key managerial implications to help businesses attract potential candidates, especially recent graduates, through employer branding strategies, enhancing the quality of students' internship experiences , and optimizing the eﬀectiveness of social media channels.

Risk-based tax audit: Evidence on relevance, effectiveness, and efficiency

Nguyen Thi Thu Hien — 2026-02-04

Tax auditing in the public sector plays a crucial role in enhancing the transparency and accountability of tax authorities through tax administration based on taxpayer risk assessment. Tax data are typically large-scale and complex, making traditional inspection, investigation, and auditing activities less effective in preventing or mitigating tax fraud. The adoption of a risk-based tax inspection and audit approach is considered an optimal solution, aligning with the global trend of shifting from coercive enforcement toward encouraging voluntary tax compliance. The objective of this study is to evaluate the appropriateness, effectiveness, and efficiency of tax authorities’ risk-based tax inspection practices. The research data comprise tax inspection and audit results from 2022 to 2024, along with audit reports issued by the State Audit Office (SAV). The analytical strategy employed in this study is inductive analysis combined with triangulation validation. The research findings indicate that the selection of taxpayers for audit based on tax authorities’ risk assessments does not adequately align with the actual risks posed by taxpayers. Furthermore, the effectiveness of tax authority inspections remains insufficient, and the overall efficiency is low. These results highlight the need for a comprehensive tax risk assessment system reform. Such reform should involve integrating cross-sectoral and multidimensional data, reducing the reliance on annual quotas to select taxpayers for inspection, and establishing independent feedback audit mechanisms. Together, these measures would significantly enhance the appropriateness, effectiveness, and efficiency of tax administration activities, thereby ensuring greater transparency and fairness within the tax system. This study offers critical insights that can support policymakers in enhancing risk-based tax audit frameworks, thereby strengthening tax governance and contributing to the sustainable development of public financial management.

Scope of fulfilling property obligations of the deceased- Legal perspectives, shortcomings and proposals for reform

Phuong Thi Nguyen — 2026-02-05

The article titled “Scope of fulfilling property obligations of the deceased—Legal perspectives, shortcomings, and proposals for reform” concentrates on analysing one of the essential issues in the law of inheritance, which is the extent to which heirs are required to fulfill property-related obligations that the deceased had not completed prior to death. Pursuant to Article 615 of the 2015 Civil Code of Vietnam, the scope of fulfilling such obligations is determined based on the timing of the estate division: in cases where the estate has not yet been divided, the obligations are to be fulfilled using the estate itself; in cases where the estate has already been divided, each heir must fulfill the obligations within the limits of the portion of the estate they have received. However, in practice, the understanding and application of this provision remain problematic, with many instances of confusion and lack of uniformity. In this research, the author also seeks to further analyze the determination of the scope of fulfilling property obligations in situations where an inventory of the estate exists. On the basis of a comparative legal analysis between the laws of Vietnam, the French Republic, and the United States, the article clarifies several core issues: the joint and several liability of heirs in performing the deceased’s property obligations; the requirement to establish an estate inventory in order to clearly identify the basis and boundaries for obligation performance; and the treatment of fruits and proceeds derived from the estate, which must be considered within the estate’s scope for the purposes of fulfilling obligations. From the inadequacies and ambiguities identified through legal analysis, the author proposes improvements to the Vietnamese legal framework by concretizing and clarifying the provisions related to the scope of property obligations left by the deceased, thereby enhancing legal certainty and ensuring more consistent application in practice.

Current status of handling evidence of wild animals under the Vietnamese criminal procedure law

Le Ba Duc — 2026-03-15

The handling of wildlife exhibits in criminal cases plays a key role, not only contributing to protecting the ecosystem and maintaining biodiversity but also demonstrating Vietnam’s dedication to implementing international commitments in the prevention and fight against wildlife crimes. The handling of material evidence requires close and synchronous coordination between procedural agencies, including investigating agencies, agencies tasked with conducting a number of investigative activities, procuracies, and courts, together with specialized wildlife management agencies. Although Vietnam’s criminal law and criminal procedures prescribe sanctions to punish and deter violations of regulations on the protection of wild animals and endangered, precious, and rare species, the current regulations lack detailed guidance on the conditions and procedures for classifying objects (such as live animals, dead specimens, animal parts, and prohibited products) and for prioritizing measures (including release into the wild, rescue, transfer, and destruction). Practice shows that the handling of physical evidence of wild animals still reflects many divergent views: some localities prioritize rapid release back into natural habitats, while others focus on rescue and rehabilitation; some agencies emphasize the scientific or educational value of specimens, but others destroy them swiftly to avoid incurring storage costs. In addition, responsibilities betwxfeen procedural bodies and specialized management authorities have not been clearly defined, leading to overlap, causing delays, and sometimes resulting in the loss or compromise of important evidence. Furthermore, it is indispensable to ensure timely, scientific, and transparent handling procedures, with clear accountability mechanisms and strengthened capacity-building efforts across all relevant agencies. The article focuses on analyzing current criminal procedure law provisions, pointing out practical difficulties and legal obstacles, and proposing targeted solutions to improve the criminal procedure framework on the handling of material evidence involving wild animals.

The mediating role of turnover intention in the impact of co-worker support and job insecurity on social loafing - A study of advertising, marketing, and event service companies in Ho Chi Minh City

Thanh Ba Vu — 2026-03-16

This study aims to explore the mediating role of Turnover Intention in the relationship between Co-Worker Support and Job Insecurity on Social Loafing among employees in the advertising, marketing, and event organization industry in Ho Chi Minh City. Based on a survey of 245 employees from 15 companies, the findings reveal that (1) Coworker Support significantly reduces Turnover Intention; (2) Job Insecurity both cognitive and affective positively influences Turnover Intention and Social Loafing; and (3) Turnover Intention serves as a significant mediator in the relationships between these factors and Social Loafing. In a high-pressure, fast-paced, and creativity-driven industry that demands strong team collaboration, these results emphasize the importance of fostering a supportive and psychologically stable work environment. Practical recommendations include enhancing Coworker Support through mentoring programs, experience-sharing activities, and constructive feedback; minimizing Job Insecurity by clear communication, skills training, and regular feedback mechanisms; managing Turnover Intention through periodic employee satisfaction assessments and well-defined career development paths; and cultivating a culture of cohesion and responsibility. This study contributes to a deeper understanding of employee behavior in creative service sectors and provides practical implications for businesses seeking to retain a stable and effective workforce.

Determinants of the implementation of sustainable certifications in the supply chain of fisheries companies in Vietnam’s Mekong Delta

Hoa Thi Ngoc Nguyen — 2026-03-19

This study aimed to analyze the factors influencing the implementation of sustainable certification in the supply chain based on empirical evidence from survey data of 324 fisheries companies in the Mekong Delta, Vietnam. The generalised linear model (GLM) was employed to simultaneously examine the factors affecting the implementation of sustainable certification, including financial resources, leadership perception and assessments, and company characteristics. The results indicated that the first lag of total revenues and leadership’s assessment of the effectiveness of sustainable certification positively affect the number of certifications applied by the companies (P < 0.01). Conversely, the number of sustainable certifications was lower than those of the large-scale companies due to financial constraints and limited accessibility to funding resources (P < 0.05). Stronger financial resources may enhance the capacity to cover the costs associated with the implementation of sustainability certifications, thereby facilitating a greater adoption of such certifications within fisheries companies. Additionally, positive awareness and commitment from the companies’ leadership significantly affected the implementation of such sustainable certifications, suggesting a critical role of top management perception regarding the sustainable supply chain strategies in the companies. The significant effects of the market factors and the companies’ characteristics on the implementation of sustainability certifications could not be found (P < 0.1). This might be explained because the implementation of sustainable certifications in the supply chain generally played out as a compulsory requirement to ensure accessibility of the international markets of the fisheries companies, rather than being driven by market factors or companies’ characteristics. The study suggests supportive policies, including financial incentive programs for small and medium enterprises, developing intermediary sustainable certifications, and awareness-enhancing initiatives of the companies’ leaders to enhance the application of sustainable certifications towards the implementation of sustainable supply chain management and meet the requirements of international markets regarding the sustainability issues.

Trade factors affecting economic growth in Ho Chi Minh City: Evidence from ARDL modelling

Anh Thi Nguyen — 2026-03-20

This study aims to investigate the impact of international trade and foreign direct investment (FDI) on the economic growth of Ho Chi Minh City, addressing the lack of empirical research at the local level in Vietnam. While numerous studies have examined the trade-growth dynamic at the national scale, little attention has been paid to how these relationships manifest within a metropolitan economy that serves as the country’s commercial hub. Using the Autoregressive Distributed Lag (ARDL) model with annual data from 2001 to 2023, the study evaluates both short- and long-term relationships between Gross Regional Domestic Product (GRDP) and key trade variables, including exports, imports, FDI inflows, and exchange rates. The empirical results reveal a complex pattern of relationships. While exports negatively influence GRDP in the long run, this suggests potential structural challenges, such as limited domestic value added or dependency on imported inputs. By contrast, imports and exchange rates have a significant positive effect, indicating that imported goods and favourable currency conditions may support industrial production and consumption. FDI shows no long-term impact, implying that foreign capital inflows may take longer to translate into measurable economic gains or are concentrated in sectors with limited spillover effects. In the short run, the results show that exports contribute positively to economic growth, whereas imports have an adverse impact. This divergence between short and long-run effects underscores the asymmetric nature of trade variables and their time-dependent influence on local economic performance. Overall, these findings highlight the asymmetrical effects of trade variables over time and underscore the importance of tailored trade and investment policies for sustainable growth. The study contributes valuable empirical evidence for policymakers in HCM City and provides guidance for designing strategies to foster sustainable growth in Vietnam’s largest economic market.

Voluntary Adoption of International Financial Reporting Standards: Empirical Evidence from Listed and Unlisted Companies in Vietnam

Ho Xuan Thuy — 2026-03-27

In the context of Vietnam's deepening integration into the global economy, the transition to and adoption of International Financial Reporting Standards (IFRS) has become not only an inevitable trend but also an urgent requirement to enhance the transparency, comparability, and quality of corporate financial reporting. IFRS adoption is expected to improve access to international capital markets, boost investor confidence, and support the restructuring of the national accounting system. This study aims to identify the factors influencing the voluntary adoption of IFRS by Vietnamese enterprises. The research utilizes both primary and secondary data collected from audited financial statements, annual reports, and interviews with chief financial officers, chief accountants, accounting staff, internal auditors, and internal controllers at 324 companies. These companies include those listed on the Ho Chi Minh City Stock Exchange (HOSE), the Hanoi Stock Exchange (HNX), and the Unlisted Public Company Market (UPCOM), which is designated for non-listed firms on HOSE or HNX. Using a binary logistic regression model, the results reveal that firm size, listing status, foreign ownership, and audits conducted by major firms such as the Big Four significantly increase the likelihood of voluntary IFRS adoption. Conversely, variables such as firm age, profitability, board size, and board independence do not exhibit a statistically significant effect. These findings align with the tenets of new institutional theory, emphasizing the influence of coercive and normative pressures, particularly those arising from international investors, listing requirements, and the technical expertise of global audit firms - in shaping corporate financial reporting practices. The study provides empirical evidence on the drivers of IFRS adoption during Vietnam’s transition phase and offers important policy implications for regulators in designing appropriate legal frameworks and technical support mechanisms to promote voluntary IFRS adoption in line with the Ministry of Finance’s roadmap.

Sentiment-driven forecasting of the stock index in Vietnam: A machine learning perspective

Nguyen Anh Phong — 2026-03-27

The increasing influence of news sentiment on financial markets has drawn significant attention in recent years, yet its predictive potential in emerging markets remains underexplored. This study investigates whether multi-dimensional sentiment signals, derived from a large corpus of Vietnamnet news articles, can enhance the prediction of daily VN-Index directional movements when combined with technical indicators. Drawing on behavioral finance, information asymmetry, and media framing theories, the research posits that sentiment-laden narratives, alongside price-based signals, provide complementary insights into investor behavior. The dataset comprises 6,480 news articles (2019–2025) and daily VN-Index historical data, from which sentiment features—including polarity, subjectivity, compound scores, and sentiment proportions—are extracted at title, excerpt, and content levels. Technical indicators such as Moving Averages, RSI, MACD, Bollinger Bands, and Volatility are also constructed.

The predictive framework is modeled as a binary classification task (“Up” vs. “Unchanged/Down”) and evaluated using multiple machine learning algorithms, including Naive Bayes, Logistic Regression, Support Vector Machine, Random Forest, Gradient Boosting, AdaBoost, and CatBoost. Ten-fold cross-validation with metrics such as accuracy, precision, recall, F1-score, and ROC-AUC ensures robust performance assessment. Results reveal that ensemble models, particularly CatBoost, Gradient Boosting, and Random Forest, consistently outperform linear and probabilistic baselines regarding accuracy, recall, and F1-score. Logistic Regression and AdaBoost also show competitive ROC-AUC values, while Naive Bayes underperforms in distinguishing market movements.

These findings underscore the incremental predictive power of sentiment features in an emerging market setting, challenging the semi-strong form of the Efficient Market Hypothesis and reinforcing behavioral finance perspectives on bounded rationality and sentiment-driven trading. Practically, the study offers implications for portfolio managers, policymakers, and media organizations by demonstrating that hybrid sentiment-technical models can improve market forecasting, regulatory monitoring, and responsible financial reporting. Limitations regarding data sources and frequency are acknowledged, and avenues for future research include multi-source sentiment integration, deep learning approaches, and real-time deployment.

Green subsidies under international trade law: Challenges and policy implications for Vietnam

Phuc Gia Dao — 2026-03-28

Green subsidies represent pivotal financial tools governments employ to foster environmentally sustainable practices across industries and among consumers. These subsidies are not just financial aids, but urgent measures to mitigate the environmental impact of economic activities, encouraging the adoption of renewable resources and the development of green technologies. However, their intersection with international trade law presents challenges, particularly under the WTO’s Agreement on Subsidies and Countervailing Measures (SCM Agreement). Disputes brought before the WTO, such as Canada - Certain Measures Affecting the Renewable Energy Generation Sector (DS412), India - Certain Measures Relating to Solar Cells and Solar Modules (DS456), and United States - Certain Measures Relating to the Renewable Energy Sector (DS510), have demonstrated how certain forms of green subsidies, especially those tied to local content requirements, can be found inconsistent with global trade rules.

For nations like Vietnam, which is increasingly integrated into the global economy, the design and deployment of green subsidies must carefully balance environmental ambitions with compliance with international trade laws. This challenge becomes even more significant considering Vietnam’s major climate commitments, including its pledge at the 26th United Nations Climate Change Conference of the Parties to achieve net-zero greenhouse gas emissions by 2050 and reduce methane emissions by 30% by 2030. To achieve these goals, the Vietnamese government has introduced a framework to promote renewable energy.

This paper explores the intersection of green subsidies within WTO regulations, analyzes global trends in green subsidies, and assesses the legal compatibility of Vietnam’s current policy instruments. This study, therefore, suggests Vietnam practical recommendations to its green development policies to be compliant with international trade law and contribute to both national sustainability goals and deeper integration into the global green economy.

The impact of infrastructure on economic growth in countries participating in the Belt and Road Initiative

Son Le Cong Hoang — 2026-03-28

The paper examines the impact of infrastructure on economic growth in countries participating in the Belt and Road Initiative within the context of expanding regional and global connectivity. The impact of infrastructure on economic growth is built on a theoretical framework including Solow Growth Model, Endogenous Growth Theory and New Structural Economics. It particularly highlights the role of different types of infrastructure in driving economic growth in these countries. Utilizing a dataset from the World Bank that includes infrastructure-related variables from 144 BRI countries during the 2004–2023 period, the study employs panel data regression methods, incorporating models such as Pooled Ordinary Least Squares, Fixed Effects Model, Random Effects Model, and Feasible Generalized Least Squares to ensure the accuracy and reliability of the results. The findings indicate that infrastructure, particularly in the sectors of railways, aviation, information, and energy, has a positive impact on economic growth. Additionally, urbanization and trade openness play a crucial role in promoting growth. However, physical capital and labor capital exhibit a negative impact, suggesting inefficiencies in resource utilization. In addition to the aggregate findings, the study reveals notable heterogeneity across regions and income groups. The impact of infrastructure investment on economic growth was more pronounced in Europe and Central Asia as well as Sub-Saharan Africa, whereas relatively weaker effects were observed in the Middle East and North Africa, and in East Asia and the Pacific. When countries are classified by income level, high-income economies exhibited greater benefits from infrastructure development compared to their low-income counterparts. Furthermore, the analysis provides additional empirical evidence that following the launch of the Belt and Road Initiative (BRI) in 2013, the positive contribution of infrastructure to growth in BRI economies has tended to diminish. This result underscores the importance of time and complementary policy frameworks in ensuring that infrastructure investment generates sustained long-term economic gains. Based on these findings, this study proposes policy recommendations to optimize infrastructure investment and management, aiming to enhance efficiency and promote sustainable development in BRI countries.

INBOUND STUDENT MOBILITY TO VIET NAM

Khanh Kim Thi Mai — 2026-03-28

In the context of globalization and the rise of Asian countries as new study abroad destinations, this research explores the factors motivating Lao and Cambodian students to study abroad and the specific factors attracting them to choose Vietnam. Employing a multiphase mixed-methods design, including exploratory interviews, survey instrument development, and concurrent data collection through quantitative surveys (N=67 Lao and Cambodian students) and qualitative interviews (N=11 students and diplomatic representatives), the study identified key push pull factors behind the students’ mobility decisions. The findings indicate that the primary "push" factors include the desire for an international student experience and the perception of higher quality and greater value of foreign degrees. The most significant "pull" factors attracting students to Vietnam are the availability of scholarships, followed by positive bilateral relations, Vietnam's economic development, and the increasingly recognized quality of its higher education. This study contributes to the understanding of international student mobility to non-traditional destinations, particularly within ASEAN, and offers management implications for Vietnamese universities. These implications include maintaining and expanding scholarship programs, promoting international experiences and cultural exchange, leveraging bilateral relations and economic growth, communicating educational quality, and enhancing people-to-people diplomacy through comprehensive international student support. Such measures can help Vietnamese universities more effectively attract students from Laos and Cambodia, enrich their academic communities, strengthen regional ties, and enhance their international standing.

THE RELATIONSHIPS BETWEEN SOCIAL CAPITAL, KNOWLEDGE SHARING AND INNOVATION CAPABILITY: THE CASE OF OFFICE STAFF IN VIETNAM

Quang Tien Tran — 2026-03-28

This study aims to develop and test a theoretical model on the relationship between social capital, knowledge sharing and innovation ability of individual and collective office staff. The study was based on questionnaire survey data from 787 office staff working at small and medium-sized enterprises in Vietnam. The model was tested using SPSS and AMOS, with exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and Structural Equation Modeling (SEM) methods for processing. The results show that social interaction relationships, trust, norms of reciprocity, group identification, and shared goals all have a positive impact on knowledge donating and knowledge collecting from there, positively affects the innovation capability of individuals and organizations as well. The study also points out theoretical contributions and offers specific suggestions to motivate staff to participate in knowledge sharing activities

NÂNG CAO NHẬN THỨC NGƯỜI DÂN VỀ CHÍNH PHỦ ĐIỆN TỬ THÔNG QUA CÁC YẾU TỐ TRUYỀN THÔNG TRÊN MẠNG XÃ HỘI

Tuoi Thi Kim Nguyen — 2026-04-05

Nghiên cứu này đánh giá vai trò của các yếu tố truyền thông bao gồm tính cá nhân hóa, sự tương tác, tính xu hướng, tính giải trí, tính cung cấp thông tin và tính kịp thời của thông tin trong việc nâng cao nhận thức của người dân về dịch vụ công trực tuyến thuộc Chính phủ điện tử. Thông qua khảo sát trực tuyến với 226 người dân đã và đang sử dụng dịch vụ công trực tuyến tại TP. Hồ Chí Minh. Phương pháp nghiên cứu định lượng được áp dụng với sự hỗ trợ của phần mềm SPSS. Dữ liệu thu thập được xử lý thông qua các phương pháp kiểm định độ tin cậy, phân tích nhân tố khám phá và phân tích hồi quy đa biến để đánh giá thang đo và các mối quan hệ trong mô hình đề xuất. Kết quả cho thấy tính kịp thời, tính giải trí và cung cấp thông tin có ảnh hưởng tích cực đến nhận thức của người dân, trong khi tác động của các yếu tố cá nhân hóa, sự tương tác và xu hướng lên nhân thức người dân không có ý nghĩa thống kê. Nghiên cứu góp phần làm rõ vai trò của từng yếu tố truyền thông trong việc nâng cao hiệu quả triển khai Chính phủ điện tử, từ đó đề xuất các giải pháp nhằm tối ưu hóa hoạt động truyền thông chính sách của Chính phủ.

The impact of socially responsible human resources management on employee behaviors: A theoretical perspective

Bao Hoai Chau — 2026-03-17

This study was conducted to provide a comprehensive review of the existing theoretical foundations and, subsequently, to propose a research model and hypotheses that explore the impact of implementing Socially Responsible Human Resource Management (SRHRM) on employees’ in-role and extra-role behaviors within organizations. The study synthesizes, analyzes, and compares findings from prior studies, encompassing both qualitative and quantitative research, to establish a solid theoretical basis, identify emerging research trends, and highlight existing gaps in the literature.

Grounded in Social Exchange Theory (SET), the authors propose an integrated research model comprising key constructs such as SRHRM, dimensions of employee overall well-being—including physical, psychological, and social health—and both in-role and extra-role behaviors. Notably, the study posits that the three dimensions of employee well-being serve as crucial mediating variables that explain how SRHRM translates into employee behavioral outcomes. Accordingly, the study not only contributes a theoretically grounded research framework with high academic value, but also offers practical implications for organizations seeking to design and implement socially responsible human resource policies. Furthermore, the proposed model and hypotheses provide a strong foundation for future empirical research aimed at validating the model and extending its applicability across various organizational contexts—particularly among foreign-invested enterprises (FDIs) operating in emerging economies.