Vietnamese
Tuesday, October 17, 2023 15:28

The 6th International Conference on Sustainable Economic Development and Business Management in the Context of Globalization, SEDBM 6, 2023.

 

(AOF) - The seminar took place on September 22nd at the main headquarters located at 58 Le Van Hien Street, Duc Thang Ward, Bac Tu Liem District, Hanoi. It was jointly organized by the Academy of Finance (Vietnam) in coordination with the University of Greenwich (United Kingdom), the Institute of Economics - Ho Chi Minh National Academy of Politics, the University of Economics and Law - Ho Chi Minh City National University, and the Institute of World Economics and Politics - Vietnam Academy of Social Sciences. The seminar was conducted both online and in-person, attracting hundreds of domestic and international scholars, as well as a large number of students from the Academy of Finance. A total of 116 high-quality papers were selected for publication in the proceedings. Core issues related to economic and financial globalization were discussed, and numerous practical solutions were proposed during the seminar.

 

 

The seminar had distinguished participants, including Professor Robert Durand from Curtin University, Australia, and Dr. Nicholas Hand, Director of International Relations at the University of Greenwich, United Kingdom.

 

From the Academy of Finance - the organizing institution of the seminar, notable figures in attendance included:

- Assoc. Prof., Dr. Nguyen Trong Co - Party Secretary, Director of the Academy.

- Assoc. Prof., Dr. Nguyen Dao Tung - Chairman of the Council.

- Assoc. Prof., Dr. Truong Thi Thuy - Deputy Party Secretary, Deputy Director.

- Assoc. Prof., Dr. Nguyen Manh Thieu - Deputy Director.

- Dr. Nguyen Van Binh - Deputy Director.

 

From the Institute of Economics - Ho Chi Minh National Academy of Politics, there were:

- Assoc. Prof., Dr. Bui Van Huyen - Institute Director, Member of the Central Theoretical Council.

- Assoc. Prof., Dr. Nguyen Ngoc Toan - Deputy Institute Director.

 

Dr. Phi Vinh Tuong, Head of the Institute of Economics and World Politics - Vietnam Academy of Social Sciences, was also present.

 

Representing the University of Economics and Law - Ho Chi Minh City National University, there was Dr. Nguyen Vinh Khuong, Deputy Head of the Postgraduate and Technology Science Department.

 

Several organizations and units participated, including the Institute of Finance Strategy and Policy - Ministry of Finance, partner institutions of the Academy, and scholars from various universities, academies, research institutes, along with students from the Academy of Finance.

 

 

During his opening speech at the seminar, Assoc. Prof. Dr. Nguyen Trong Co, the Director of the Academy of Finance, provided an analysis of the global context and the positive and negative impacts of globalization and the Fourth Industrial Revolution on both the world and Vietnam. He also outlined the objectives, roles, positions, and significance of the International Seminar SEDBM6.

 

According to his analysis, the international integration process is accelerating and becoming more robust, influenced by various factors, with market economies and the Fourth Industrial Revolution profoundly affecting all countries and areas of life and society. These factors, on one hand, provide the impetus for economic growth and development, market opening, and the liberalization of trade and investment in services. On the other hand, they erode economic independence and national sovereignty.

 

Vietnam continues to face opportunities for development as well as increasingly challenging economic, diplomatic, cultural, and security issues.

 

In the general context, Vietnam has developed and begun to implement a sustainable development model, capitalizing on favorable opportunities and overcoming numerous difficulties and challenges to achieve various accomplishments in pursuing sustainable development goals. However, in practice, there are still many pressing issues that need to be addressed.

 

Vietnam has achieved rapid economic growth, primarily by leveraging factors with low value-added. Meanwhile, modern industries have yet to fully develop. Income inequality is on the rise, and environmental pollution is becoming more pronounced. These issues are increasingly evident as Vietnam deepens its integration into the global economy.

 

The seminar serves as an annual platform for academic exchange, knowledge sharing, and the dissemination of research findings by scholars, both domestic and international, on the topic of "Economic Development and Sustainable Business in the Context of Globalization." This gathering aims to address these challenges and contribute to the sustainable economic development of Vietnam and the world in the context of globalization.

 

The seminar is organized with two plenary sessions and three specialized thematic sessions.

In the first plenary session, Professor Robert Durand from Curtin University, Australia, delivered a lecture titled "Behavioral Views of Sell-Side Analysts." In his presentation, he addressed key issues related to the efficient market hypothesis, how accounting information is incorporated into the efficient market model, financial behavior, and factors influencing the psychology of sell-side analysts. These factors include concerns about the profession, herd mentality, and various cognitive biases that affect the analysts' psychology when providing recommendations to investors, whether they are institutional investors or individual stock buyers.

The seminar continued with three specialized thematic sessions.

The first thematic session focused on "Economic Development in the Context of Globalization" in Hall 700, chaired by Professor Robert Durand and co-chaired by Dr. Nguyen Huu Tan from the Academy of Finance and Dr. Nguyen Tri Tung from the Institute of Economics - Ho Chi Minh National Academy of Politics. During this session, four presentations were delivered.

The presentation "Public spending for education in Vietnam: a comparison with other countries and policy implications" by Le Quynh Trang and Chu Thi Le Anh summarizes data on the allocation of public spending for education in both developed and developing countries, comparing and analyzing this data in the context of Vietnam. The presentation aims to draw policy implications for the efficient allocation of public spending for education in Vietnam, ensuring proper and effective budget allocation.

The presentation "Vietnam's economic recovery policies from the post of the COVID-19 pandemic" by the authors Lai Lam Anh, Luu Minh Duc, and Pham Van Tuan analyzed the domestic and global context heavily impacted by the COVID-19 pandemic. This impact included economic, trade, and investment crises, increased inflation, and rising unemployment rates, as well as stagnant production and disrupted supply chains. The presentation highlighted the reasons for Vietnam's rapid recovery, attributing it to the country's flexible development policies. Vietnam managed to mitigate negative impacts and seize opportunities for development in the wake of the COVID-19 pandemic.

The presentation "Building a process for developing strategic leadership personnel at the local level" by the authors Ho Sy Ngoc, Vuong Quoc Thang, and Vuong Thi Bich Thuy focuses on establishing a process for developing strategic leadership personnel at the local level. This process begins with creating an environment to attract high-quality human resources and extends to the appointment of leadership positions. This process serves as the foundation for local authorities to build strategies and development plans for their human resources. The research is expected to be highly applicable and contribute to the development of essential human resources at the local level.

The presentation "Digital business strategy of Vietnamese telecommunications enterprises" by the authors Nguyen Thi Nhung, Nguyen Linh Phuong, and Le Lan Na discusses the digital business strategies of Vietnamese telecommunications companies. The authors conducted a survey on three Vietnamese telecommunications companies, namely Viettel, VNPT, and Mobifone, to explore the influence of both internal and external environments on the business strategies of these telecommunications enterprises.

The second specialized thematic session focused on "Finance and Accounting in the Context of Globalization" and was chaired by Assoc. Prof., Dr. Pham Thanh Hoa, along with PhD. Nguyen Anh Quang from the Academy of Finance, Dr. Ngo Thi Ngoc Anh from the Institute of Economics - Ho Chi Minh National Academy of Politics, and Dr. Hoang Thi Hong Hue from the University of Economics and Law - Ho Chi Minh City National University. During this session, four presentations were delivered.

The presentation "Reinsurance and firm performance: Evidence from non-life insurance firms listed in Vietnamese stock exchanges" by Dr. Nguyen Thi Thanh and MSc. Le Hai Anh examines the impact of reinsurance on the profit-making ability of non-life insurance companies operating in Vietnam. This study is based on a balance sheet data analysis spanning from 2016 to 2022.

The presentation "The impact of off-balance sheet activities on the financial safety indicators of Vietnamese joint-stock commercial banks" by Dr. Dao Thi Huong explores the influence of off-balance sheet (OBS) activities on financial safety indicators of Vietnamese joint-stock commercial banks. By utilizing information on the results of OBS activities and three groups of financial safety indicators from the top 10 joint-stock commercial banks by assets listed on the Vietnam Stock Exchange, the author provides in-depth insights into the effects of these  business activities.

The presentation "Female labor participation, women entrepreneurship, and female-owned enterprises in Vietnam: Challenges to achieve sustainable development" by Dr. Luu Minh Duc highlights the role of women in the economic growth and sustainable development of a nation. Based on theoretical foundations of gender studies, the author analyzes the status of women in Vietnam's economy from three perspectives: i) the labor force participation of women, ii) women entrepreneurship, and iii) enterprises owned by women, especially in comparison to reputable international rankings.

The presentation "Factors impact on audit quality: the case of listed companies in Vietnam" by PhD. Nguyen Thi Thanh Phuong and PhD. Ngo Hoai Nam explores the factors influencing the quality of financial statement audit services for listed companies in the Vietnam stock market conducted by independent audit firms. The research involved auditing the financial statements of 825 listed companies on the Vietnam stock market. The study's results indicate that the scale and reputation of the audit firm, the independence of auditors, and the audit firm's tenure significantly affect the quality of financial statement audits for listed companies in Vietnam from 2017 to 2022.

 

 

In the third specialized thematic session, which focused on "Sustainable business administration in the context of globalization," the session was chaired by Prof. Chuc Anh Tu, Assoc. Prof. Ly Phuong Duyen, and PhD. Vu Thi Thu Huong, all from the Academy of Finance. During this session, three presentations were delivered.

 

 

The paper "The Effects of Leverage and Agency Costs on Firm Performance: Empirical Research on Manufacturing Firms in Vietnam" examines the impact of financial leverage on a company's performance in the context of high and low agency costs. The study identifies that a company's profit potential is negatively affected by leverage, and this effect is more pronounced for companies with higher agency costs (higher growth opportunities and lower total asset turnover). In contrast, companies with agency costs related to free cash flow, such as high available cash, will have a lower impact of leverage on profitability.

The paper "Methods of Evaluating the Impact of the Free Trade Agreement between Vietnam and the Eurasian Economic Union on Vietnam's Agricultural Exports to the EAEU" by PhD. Candidate Nguyen Lan Huong discusses the methods used to assess the impact of a Free Trade Agreement (FTA) on a country's trade activities during the implementation of such an agreement. The paper also proposes suitable methods for evaluating the effects of the Free Trade Agreement between Vietnam and the Eurasian Economic Union on Vietnam's agricultural exports to the EAEU market.

The paper titled "Integrating International Indicators on Business Environment and National Competitiveness into Vietnam's Government Monitoring Framework" by Hoàng Thị Thúy Nguyệt and Vũ Cường provides recommendations on the most effective methods to integrate international indicators on business environment and national competitiveness into Vietnam's government monitoring framework. It focuses on examining international best practices in constructing economic performance indicators, legal frameworks, and the status of related databases. The paper also assesses the government's readiness to transition to a results-based monitoring system, considering both political will and technical support. It analyzes the selected indicators from both technical and practical standpoints, highlighting their suitability for Vietnam's context. Furthermore, the paper identifies the need and government readiness to utilize existing domestic databases as part of the government's monitoring of international-related indicators. The paper proposes a framework structure for monitoring indicators related to sustainable development.

At the second plenary session, Dr. Nicholas Hand, Director of International Relations at the University of Greenwich in the United Kingdom, delivered a presentation on sustainable economic development and business management in the context of globalization. He emphasized the importance of cooperation between the Academy of Finance and the University of Greenwich in research and future development, building on the success of their dual degree program (DDP). Additionally, he addressed various existing challenges related to sustainable economic development, such as urbanization, environmental issues, and concurrent economic development in interconnected cities. He underscored the need to consider the sustainable development of global financial accounting issues.

Throughout the conference's various sessions, delegates attending in person and online engaged in discussions, providing further clarity and supplementing the topics addressed in the presentations.

The Organizing Committee of the conference selected and awarded the Best Paper to the top five outstanding papers.

In his closing remarks and summary of the conference, Assoc. Prof., Dr. Nguyen Manh Thieu, the Vice Director of the Academy of Finance, praised the 11 presentations delivered and the valuable contributions made during the conference. Over 60 questions and comments were exchanged directly between domestic and international scientists, scholars, and experts who have a vested interest in finance, accounting, and the following three main topics:

1. Accounting and Auditing, Business Management, International Economics, Development, and Sustainable Business in the New Era.
2. Approaches to mechanisms, policies, resources, and business support environments, with a focus on research in finance, human resources, supply chains, innovation, entrepreneurship, research, and development.
3. Assessments, evaluations, contemporary issues, globalization, the global and regional economic situation, and policies and solutions aimed at sustainable economic development.

The conference is an annual international scientific forum implemented for the 6th time, bringing together scientists and managers from both within and outside Vietnam. It provides a platform for reviewing and researching issues of national economic importance and global challenges that are comprehensively affecting each nation.

Bestpaper Awards

  1. Reisurance and firm  performance: Evidence fro noni life insurance firms listed in Vietnammese stock exchanges (Nguyen Thi Thanh, Le Hai Anh - Academy of Finance)
  2. Digital business strategy of Vietnamese telecommunications enterprises (Nguyen Thi Nhung Nguyen Linh Phương Le Lan Na - Academy of Finance).
  3. Public spending for education in Vietnam: a comparison with other countries and policy implications (Lê Quỳnh Trang, Chu Thi Le Anh-Institute of Econmics, Ho Chi Minh National Academy of Politics);
  4. Female Labour Participation, Women Entrepreneurship and Female-owned Enterprises in Vietnam: Challenges to Achieve Sustainable Development (Luu Minh Duc- Academy of Policy and Development)
  5. Integrating international indicators on business environment and national competitiveness in Vietnam,s government monitoring framework (Hoang Thi Thuy Nguyet;  Vu Cuong - Academy of Finance).

 

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