Journal of Economic and Banking Studies

An empirical study on the relationship between the underlying stock market and the derivatives market in Viet Nam

2025-12-17T02:31:11+07:00

The research examines the adjustment relationship between Vietnam's underlying stock market (USM), represented by the VN30 Index, and its derivatives market (DSM), represented by VN30 index futures contracts, utilizing daily prices from 2019 to 2024. This research aims to understand both the long-run equilibrium relationship and short-run information transmission between the two markets and their direction and efficiency in price discovery. We apply the Johansen cointegration method and the Vector Error Correction Model (VECM) with four futures contracts (VN30F1M, VN30F2M, VN30F1Q, and VN30F2Q). The findings confirm a long-run stable cointegration relationship consistent with the cost-of-carry model. In the short run, the front-month contract (VN30F1M) has a leading effect on the underlying VN30 index. This suggests that derivatives markets have an informational efficiency and liquidity role in price discovery and that longer horizon contracts respond less quickly to the underlying VN30 Index for informational reasons and potentially because of liquidity and more institutional types of contracts. Furthermore, the study highlights how derivatives and futures markets, while increasing informational efficiency and liquidity, exacerbate short-term volatility during periods of heightened speculative trading.

The impact of economic growth on air quality in Viet Nam: A quantitative assessment based on the environmental Kuznets curve hypothesis

2025-12-17T02:31:13+07:00

This study provides a comprehensive quantitative assessment of the Environmental Kuznets Curve (EKC) hypothesis in Viet Nam, aiming to understand the dynamic relationship between carbon emissions and key economic, energy, industrial, agricultural, and urbanization-related factors. This research is motivated by growing need for economic development and environmental protection in the context of climate change. Using annual time-series data from 1986 to 2024, the study employs the Autoregressive Distributed Lag (ARDL) approach to capture both short-run and long-run dynamics. The results reveal that while carbon emissions lack significant internal momentum, several explanatory variables such as energy consumption, industrial activity, agricultural output, and urbanization exert statistically significant short-run effects. Importantly, the findings provide strong empirical support for the EKC hypothesis, with the estimated turning point at lnGDP ≈ 8.517, corresponding to a GDP level of around 5,000 USD per capita. This suggests that economic growth initially contributes to environmental pollution, but beyond a certain threshold, further growth leads to environmental improvement, likely due to structural transformation, technological advancement, and stringent environmental regulations. The study contributes to the literature by validating the EKC in Viet Nam- a developing country and offers policy recommendations to promote sustainable development through targeted sectoral interventions and integrated environmental-economic strategies.

An empirical study of customer satisfaction towards card service quality at Asia Commercial Joint Stock Bank

2025-12-17T02:31:15+07:00

This study investigates the determinants affecting new customers’ intention to use bank cards, as well as the factors shaping the loyalty of existing cardholders, within the dynamic context of ongoing digital transformation at Vietnamese commercial banks. A survey of 220 respondents using an online questionnaire in 2023, investigated customers of Asia Commercial Bank, one of the largest, most reputable, and long standing commercial banks in Viet Nam. An integrated research model combining the Theory of Planned Behavior, Technology Acceptance Model, and the SERVPERF service quality framework was developed and analyzed using Partial Least Squares Structural Equation Modeling. The findings highlight the critical role of service quality and perceived usefulness in driving card adoption and usage. By addressing both pre-adoption and post-adoption behaviors, the research provides a comprehensive perspective on the drivers of card usage and sustained customer engagement amid the sector’s technological evolution. These insights offer practical guidance for commercial banks in Vietnam to improve their card service features and marketing strategies, thereby enhancing customer satisfaction and loyalty.

Drafts in letter of credit transactions: From regulations to banking practices in Viet Nam and beyond

2025-12-17T02:31:17+07:00

The use of the term “drafts” has become a common practice in most letter of credit transactions regardless of the type of letter of credit in different countries. This practice seems to have not changed much over time although the international rules or the nature of that document has changed somewhat. Considering recommendations from the International Chamber of Commerce (ICC) regarding when drafts should or should not be regulated, alongside applicable banking practices, this study systematizes and analyzes the use of drafts in specific L/C transactions in Viet Nam and beyond. The study utilizes doctrinal legal analysis and comparative analysis based on the ICC’s international rules and recommendations on drafts, focusing on practical issues encountered by banks in letter of credit transactions. The aim is to clarify, enhance transparency, and improve convenience in the unified practice environment of documentary credits, as current practices regarding drafts usage among banks are not completely uniform and sometimes inaccurate. Up to now, there is no published research in Viet Nam and worldwide about how to use drafts in letter of credit transactions according to ICC recommendations. Views on whether to stipulate drafts when issuing letters of credit and whether to raise discrepancies in drafts for document presented under L/Cs remain inconsistent. This article presents research findings and perspectives on using drafts in documentary credit transactions, identifying cases where L/C provisions for drafts are inappropriate or unnecessary. From there, it proposes and recommends consistent practices that are compatible with the nature of the transaction, helping to improve the accuracy of documentary credit transactions in international trade.

Promoting green credit development in Viet Nam: The role of financial technology

2025-12-17T02:31:18+07:00

Viet Nam has increasingly recognised green credit as a critical instrument for sustainable economic growth, and the fintech sector has expanded rapidly, rising from 39 firms in 2015 to over 260 by 2022. However, the integration of Fintech into green credit remains nascent and largely exploratory. Employing a multi-method qualitative design combining in-depth analysis with 22 semi-structured interviews with regulators, commercial bankers, fintech firms, and international organisations-this study offers the first primary-data-driven exploration of the fintech-green credit nexus in Viet Nam. An evidence-based SWOT analysis reveals a classic emerging-market paradox: strong political commitment and rapid digital adoption are severely constrained by regulatory fragmentation, critical shortages of dual Fintech-ESG expertise, and the absence of a unified ESG taxonomy. Moving beyond the predominant China-focused literature, this paper proposes a practical, phased policy roadmap for 2025- 2030, encompassing a dedicated green fintech regulatory sandbox (2025- 2028), mandatory open-API standards by 2027, and systematic training in combined fintech and sustainability competencies.

Proposing solutions to prevent wrongful convictions in Viet Nam

2025-12-17T02:31:20+07:00

The consequences of wrongful convictions are extremely serious. It not only causes the victim to lose their job and property but also leaves deep emotional wounds that are difficult to heal. This article focuses on understanding and defining wrongful convictions in general and the responsibility for compensation for damages to those who have been wrongly convicted, particularly in Vietnam. In addition to collecting and evaluating a number of previous studies related to wrongful convictions, the author analyzes several typical cases of wrongful convictions in countries around the world and in Vietnam. Through this, the causes of wrongful convictions are assessed as a basis for making a number of recommendations for solutions to improve the effectiveness of activities to prevent and handle wrongful convictions, as well as compensation for damages, including material and mental damages to those who have been wrongly convicted.

Investigating the autonomy of English-majored students in English classes at Banking Academy of Viet Nam

2025-12-17T02:31:21+07:00

Learner autonomy is a fundamental component of English as a Foreign Language education, equipping students with the ability to take responsibility for their learning, manage their time efficiently, and develop essential self-assessment skills. As English proficiency becomes increasingly vital for academic and professional success, fostering autonomy is crucial in preparing students for lifelong learning. Using quantitative method through a questionnaire survey, this study investigates the levels of learner autonomy among 354 English-majored students at Banking Academy of Vietnam, focusing on six key dimensions: learning motivation, time management, self-management in learning, self-assessment and adjustment ability, problem-solving ability, perseverance and self-discipline. The findings reveal that while students exhibit moderate autonomy in most areas, self-assessment remains the weakest aspect, indicating a significant gap in their ability to monitor and evaluate their own progress. This highlights the need for targeted interventions to enhance learner independence. Specifically, students should develop self-regulation strategies; lecturers should support students by incorporating self- and peer-assessment activities and applying scaffolded autonomy; and the institution should provide more independent learning resources and support systems.