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Determinants of the Sustained Development of the Night-Time Economy: The Case of Hanoi, Capital of Vietnam

Author

Listed:
  • Nguyen Ngoc Son

    (Centre for Analysis Forecasting and Sustainable Development, National Economics University, 207 Giai Phong Road, Hai Ba Trung District, Hanoi 100000, Vietnam)

  • Nguyen Thi Phuong Thu

    (Centre for Analysis Forecasting and Sustainable Development, National Economics University, 207 Giai Phong Road, Hai Ba Trung District, Hanoi 100000, Vietnam)

  • Ngo Quoc Dung

    (Centre for Analysis Forecasting and Sustainable Development, National Economics University, 207 Giai Phong Road, Hai Ba Trung District, Hanoi 100000, Vietnam)

  • Bui Thi Thanh Huyen

    (Centre for Analysis Forecasting and Sustainable Development, National Economics University, 207 Giai Phong Road, Hai Ba Trung District, Hanoi 100000, Vietnam)

  • Vu Ngoc Xuan

    (Centre for Analysis Forecasting and Sustainable Development, National Economics University, 207 Giai Phong Road, Hai Ba Trung District, Hanoi 100000, Vietnam)

Abstract

Sustainable development is a subject of study and consideration by scientists and policymakers, especially the sustainable development of the night-time economy. The night-time economy refers to the various economic activities and businesses that primarily operate during the evening and night hours, typically from 6 p.m. until early morning. It includes a diverse range of sectors such as entertainment, dining, hospitality, and nightlife, with establishments such as bars, clubs, restaurants, theaters, and live music venues playing a significant role. The development of the night-time economy refers to the process of managing and promoting the growth of economic activities during the evening and night hours in a manner that balances economic, social, and environmental considerations. Therefore, the paper aimed to identify the factors affecting the night-time economy in Hanoi to achieve the sustainable development of this economy. The paper processed and analyzed the data using SPSS Statistics 26.0 software. The quantitative study included (1) testing the suitability of the scale for the variables using Cronbach’s alpha, (2) analyzing the EFA factors to check the convergence of the observed variables and the separation between the independent variables, (3) checking the correlation to evaluate the problem of multicollinearity of the model, and (4) performing regression analysis to evaluate the impact of the factors on night-time economic development in Hanoi City. The empirical results showed that the variables positively impacted night-time economic development in Hanoi. However, the study found differences in the levels of their impact. Among the four factors, factor 3 (promotion and sharing) had the strongest impact on night-time economic development, followed by factor 2 (city infrastructure and safety), factor 1 (institutions and environment), and factor 4 (nature and resources). The empirical results will help policymakers promote the sustained development of the night-time economy in Hanoi, Vietnam.

Suggested Citation

  • Nguyen Ngoc Son & Nguyen Thi Phuong Thu & Ngo Quoc Dung & Bui Thi Thanh Huyen & Vu Ngoc Xuan, 2023. "Determinants of the Sustained Development of the Night-Time Economy: The Case of Hanoi, Capital of Vietnam," JRFM, MDPI, vol. 16(8), pages 1-27, July.
    • Handle: RePEc:gam:jjrfmx:v:16:y:2023:i:8:p:351-:d:1203236
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    References listed on IDEAS

    as
    1. Yongwei Liu & Zhenzhen Yang & Changxiong Zhu & Baogang Zhang & Hongna Li, 2023. "The Eco-Agricultural Industrial Chain: The Meaning, Content and Practices," IJERPH, MDPI, vol. 20(4), pages 1-12, February.
    2. Mai Huong Giang & Bui Huy Trung & Yuichiro Yoshida & Tran Dang Xuan & Mai Thanh Que, 2019. "The Causal Effect of Access to Finance on Productivity of Small and Medium Enterprises in Vietnam," Sustainability, MDPI, vol. 11(19), pages 1-19, October.
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