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Understanding Foreign Ownership in Vietnam’s Financial Sector: A Multi-Phase Analysis from Market Turbulence to Recovery

Author

Listed:
  • Thu Thi Lien Nguyen

    (National Economics University)

  • Minh Hoang Vu

    (National Economics University)

  • Thi Anh Phuong Tran

    (National Economics University)

  • Khanh An Tran

    (National Economics University)

Abstract

This study investigates the determinants of foreign ownership in 75 financial firms listed on Vietnam’s stock market from 2019 to 2023, covering three distinct market phases: pre-crisis, disruption, and recovery. The analysis reveals that firm size and stock beta have a consistently positive impact on foreign ownership, while P/B ratio, stock liquidity, and financial leverage demonstrate negative effects. In addition, macroeconomic variables such as exchange rate, inflation, and market P/E ratio are shown to influence foreign investors’ decisions, though with varying significance across periods. By examining investment behaviors under shifting market conditions, this paper offers fresh insights into how global shocks and regulatory transformations shape foreign capital flows in emerging markets. The findings provide policy implications for financial firms and regulators aiming to stabilize and attract sustainable foreign investment.

Suggested Citation

  • Thu Thi Lien Nguyen & Minh Hoang Vu & Thi Anh Phuong Tran & Khanh An Tran, 2026. "Understanding Foreign Ownership in Vietnam’s Financial Sector: A Multi-Phase Analysis from Market Turbulence to Recovery," Springer Proceedings in Business and Economics,, Springer.
    • Handle: RePEc:spr:prbchp:978-981-95-9113-8_7
    DOI: 10.1007/978-981-95-9113-8_7
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